Overall Unemployment: 4.1%
African America: 7.2%
Latino America: 4.8%
European America: 3.7%
Asian America: 3.5%
Analysis: European Americans’ unemployment rate increased 10 basis points. Asian Americans increased 40 basis points and Latino Americans increased 20 basis points from June, respectively. African America’s unemployment rate increased by 40 basis points from June.
AFRICAN AMERICAN EMPLOYMENT REVIEW
AFRICAN AMERICAN MEN:
Unemployment Rate – 7.0%
Participation Rate – 67.9%
Employed – 9,623,000
Unemployed – 723,000
African American Men (AAM) saw a increase in their unemployment rate by 10 basis points in July. The group had a precipitous drop in their participation rate in July by 90 basis points. African American Men lost 129,000 jobs in July and saw their number of unemployed increase by 2,000.
AFRICAN AMERICAN WOMEN:
Unemployment Rate – 6.3%
Participation Rate – 61.1%
Employed – 10,247,000
Unemployed – 694,000
African American Women saw a increase in their unemployment rate by 50 basis points in July. The group increased their participation rate in July by 20 basis points. African American Women lost 1,000 jobs in July and saw their number of unemployed increase by 60,000.
AFRICAN AMERICAN TEENAGERS:
Unemployment Rate – 21.7%
Participation Rate – 29.2%
Employed – 614,000
Unemployed – 170,000
African American Teenagers unemployment rate increased by 250 basis points. The group saw their participation rate decreased by 80 basis points in July. African American Teenagers added 37,000 jobs in July and saw their number of unemployed also increase 15,000.
African American Men-Women Job Gap: African American Women currently have 624,000 more jobs than African American Men in July. This is an increase from 496,000 in June.
CONCLUSION: The overall economy added 73,000 jobs in July while African America lost 166,000 jobs. From CNBC, “This is a gamechanger jobs report,” said Heather Long, chief economist at Navy Federal Credit Union. “The labor market is deteriorating quickly.” The weak report, including the dramatic revisions, could provide incentive for the Federal Reserve to lower interest rates when it next meets in September. Following the report, futures traders raised the odds of a cut at the meeting to 75.5%, up from 40% on Thursday, according to CME Group data.”
Source: Bureau of Labor Statistics
HBCU Money 