OVERALL UNEMPLOYMENT: 3.7%
AFRICAN AMERICA: 5.2%
LATINO AMERICA: 5.0%
EUROPEAN AMERICA: 3.5%
ASIAN AMERICA: 3.1%
Analysis: European and Latino Americans both saw an increase in their unemployment rate from November with an increase of 20 and 40 basis points, respectively. African and Asian Americans both had decreases in their unemployment rate with decreases of 60 and 40 basis points for both groups from November, respectively.
AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE
AFRICAN AMERICAN MEN: 4.6%
AFRICAN AMERICAN WOMEN: 4.8%
AFRICAN AMERICAN TEENAGERS: 18.0%
AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE
AFRICAN AMERICAN MEN: 69.2%
AFRICAN AMERICAN WOMEN: 63.2%
AFRICAN AMERICAN TEENAGERS: 30.7%
Analysis: African American Men saw a significant decrease in their unemployment rates by 180 basis points while African American Women remain unchanged from November. African American Men and Women both had decreases in their participation rate from November of 10 basis points and 40 basis points, respectively. Extreme volatility with African American Teenagers remains as their unemployment rate skyrocketed by 5800 basis points, but also seeing their participation rate decrease by 80 basis points.
African American Men-Women Job Gap: African American Women currently have 665,000 more jobs than African American Men in December. This is a decrease from 890,000 in November.
CONCLUSION: The overall economy added 216,000 jobs in December while African America gained 66,000 jobs. From NPR, “For all of 2023, employers added 2.7 million jobs. That’s a slowdown from the two previous years, when the economy was red-hot, rapidly rebounding from pandemic layoffs. But last year’s job growth was still stronger than every other year since 2015.”
HBCU Money 