OVERALL UNEMPLOYMENT: 3.5%
AFRICAN AMERICAN: 5.8%
LATINO AMERICAN: 4.4%
EUROPEAN AMERICAN: 3.0%
ASIAN AMERICAN: 2.3%
Analysis: Latino Americans were the only group to see an increase in their unemployment rate from June with a 10 basis point increase. Asian American led all others with the largest decrease in unemployment rate with a 90 basis point decrease from June.
AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE
AFRICAN AMERICAN MEN: 5.3%
AFRICAN AMERICAN WOMEN: 5.2%
AFRICAN AMERICAN TEENAGE: 20.7%
AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE
AFRICAN AMERICAN MEN: 68.3%
AFRICAN AMERICAN WOMEN: 63.0%
AFRICAN AMERICAN TEENAGE: 28.2%
Analysis: African American Men and Women both saw declines in their unemployment rates by 60 and 20 basis points, respectively. African American Men saw a 30 basis point increase in their participation rate from June while African American Women a marginal 10 basis point increase in their participation rate from June. African American Teenagers remain an extremely volatile group with their unemployment rate spiking by 510 basis points (bad news), but also seeing their participation rate decrease by 160 basis points (worse news).
African American Men-Women Job Gap: African American Women currently have 777,000 more jobs than African American Men in July. This is a decrease from 835,000 in June.
CONCLUSION: The overall economy added 187,000 jobs in July. African America added 94,000 jobs in July. From Yahoo Finance, “Job gains in July were the least since December 2020. Over the last year, job gains have now averaged 312,000 per month. Wages, a closely watched indicator of how much leverage workers are exerting in the labor market, rose more than expected last month, rising 0.4% on a monthly basis and 4.4% over last year. Economists expected wages to rise 0.3% over last month and 4.2% over last year.”
HBCU Money 