OVERALL UNEMPLOYMENT: 3.9%
AFRICAN AMERICA: 6.1%
LATINO AMERICA: 5.0%
EUROPEAN AMERICA: 3.5%
ASIAN AMERICA: 3.1%
Analysis: European Americans unchanged for a second month in their unemployment rate. Asian and Latino Americans both saw increases of 30 and 20 basis points from May, respectively. African Americans had an increase in their unemployment rate of 50 basis points for May.
AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE
AFRICAN AMERICAN MEN: 6.4%
AFRICAN AMERICAN WOMEN: 5.2%
AFRICAN AMERICAN TEENAGERS: 13.9%
AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE
AFRICAN AMERICAN MEN: 68.3%
AFRICAN AMERICAN WOMEN: 62.9%
AFRICAN AMERICAN TEENAGERS: 32.2%
Analysis: African American Men saw an increase in their unemployment rate by 120 basis points and African American Women increased by 20 basis points. African American Men decreased their participation rate in May by 40 basis points. African American Women had no change in their May participation rate. African American Teenagers unemployment rate decreased by a staggering 430 basis points, the second lowest rate in the past five months for the group. African American Teenagers saw their participation rate decrease by 100 basis points in May.
African American Men-Women Job Gap: African American Women currently have 924,000 more jobs than African American Men in May. This is an increase from 781,000 in April.
CONCLUSION: The overall economy added 272,000 jobs in May while African America lost 169,000 jobs. From Axios, “The big picture: The Federal Reserve wants to see signs the labor market is coming into better balance—that is, demand for workers catching up to the supply of them. Fed officials are all but certain to hold interest rates at a two-decade high at their policy meeting next week, as they wait for more evidence that price pressures are easing. Recent indicators have shown that to be the case: Data this week showed that employers are posting fewer job openings.”
HBCU Money 