African America’s November 2023 Jobs Report – 5.8%

OVERALL UNEMPLOYMENT: 3.9%

AFRICAN AMERICA: 5.8%

LATINO AMERICA: 4.6%

EUROPEAN AMERICA: 3.3%

ASIAN AMERICA: 3.5%

Analysis: Asian Americans were the only group to see an increase in their unemployment rate from October with a 40 basis point increase. European and Latino American both had decreases in their unemployment rate with a 20 basis point decrease for both groups from October.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 6.4%

AFRICAN AMERICAN WOMEN: 4.8% 

AFRICAN AMERICAN TEENAGERS: 12.2%

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 69.2%

AFRICAN AMERICAN WOMEN: 63.6%

AFRICAN AMERICAN TEENAGERS: 31.6%

Analysis: African American Men and Women saw an increase and decrease in their unemployment rates by 110 and 50 basis points, respectively. African American Men saw a 170 basis point increase in their participation rate from October while African American Women had a 10 basis point decrease in their participation rate from October. African American Teenagers remain an extremely volatile group with their unemployment rate plummet by 660 basis points, but also seeing their participation rate increase by 60 basis points.

African American Men-Women Job Gap: African American Women currently have 890,000 more jobs than African American Men in November. This is a decrease from 970,000 in October.

CONCLUSION: The overall economy added 199,000 jobs in November while African America gained 264,000 jobs. From CNBC, “The data first raised concerns that the economy was running too hot for inflation to cool enough for the Fed to start retreating from its high-rates policy. Some traders expect the Fed to start cutting rates as early as next spring, with its latest policy meeting set for Wednesday.”