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African America’s June 2024 Jobs Report – 6.3%

Posted on July 8, 2024 by | Leave a comment

OVERALL UNEMPLOYMENT: 4.1%

AFRICAN AMERICA: 6.3%

LATINO AMERICA: 4.9%

EUROPEAN AMERICA: 3.5%

ASIAN AMERICA: 4.1%

Analysis: European Americans unchanged for a third month in their unemployment rate. Asian Americans saw an increase of 100 basis points and Latino Americans saw a negligible decrease of 10 basis points from June, respectively. African Americans had an increase in their unemployment rate of 20 basis points for June, a third straight month of increases and second highest in the past five months.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 6.1%

AFRICAN AMERICAN WOMEN: 5.7% 

AFRICAN AMERICAN TEENAGERS: 16.9%

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 69.1%

AFRICAN AMERICAN WOMEN: 62.3%

AFRICAN AMERICAN TEENAGERS: 29.3%

Analysis: African American Men saw a decrease in their unemployment rate by 30 basis points and African American Women increased by 50 basis points. African American Men increased their participation rate in June by 80 basis points. African American Women decreased in their participation rate in June by 60 basis points. African American Teenagers unemployment rate increased by a volatile 300 basis points. African American Teenagers saw their participation rate decrease by 290 basis points in June, they are now at their lowest participation rate in the past five months.

African American Men-Women Job Gap: African American Women currently have 646,000 more jobs than African American Men in June. This is an decrease from 924,000 in May.

CONCLUSION: The overall economy added 206,000 jobs in June while African America lost 73,000 jobs. This is Africa America’s lowest employment in five months with declines in four out of the past five months. From PBS, “Meanwhile, the U.S. economy added more jobs than expected last month, marking the 42nd consecutive month of job growth; 206,000 new jobs were added in June. Government hiring accounted for more than a third of those, followed by health care, social assistance and construction. Unemployment also inched up to 4.1 percent, making it the first time it’s risen above 4 percent in more than two years.”

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African America’s May 2024 Jobs Report – 6.1%

Posted on June 17, 2024 by | Leave a comment

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.”

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African America’s April 2024 Jobs Report – 5.6%

Posted on May 17, 2024 by | Leave a comment

OVERALL UNEMPLOYMENT: 3.9%

AFRICAN AMERICA: 5.6%

LATINO AMERICA: 4.8%

EUROPEAN AMERICA: 3.5%

ASIAN AMERICA: 2.8%

Analysis: European Americans saw a tick up of 10 basis points in their unemployment rate after three straight months of no change. Asian and Latino Americans both saw increases of 30 basis points from April. African Americans had a decrease in their unemployment rate of 80 basis points for April.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 5.2%

AFRICAN AMERICAN WOMEN: 5.0% 

AFRICAN AMERICAN TEENAGERS: 18.2%

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 68.7%

AFRICAN AMERICAN WOMEN: 62.9%

AFRICAN AMERICAN TEENAGERS: 33.2%

Analysis: African American Men saw an decrease in their unemployment rate by 100 basis points and African American Women decreased by 60 basis points. African American Men and Women decreased their participation rate in April by 90 basis points and 10 basis points, respectively. African American Teenagers unemployment rate pulls back with a decrease of 190 basis points, but still up almost 60 percent from January. African American Teenagers also had their participation rate increase by 40 basis points up to their highest participation rate over the past five months for the second month in a row.

African American Men-Women Job Gap: African American Women currently have 781,000 more jobs than African American Men in April. This is an increase from 710,000 in March.

CONCLUSION: The overall economy added 175,000 jobs in April while African America added 66,000 jobs. From New York Times, “The cooling job market could bring relief to a tight housing market, where the average rate for a 30-year mortgage hit 7.22 percent this week. “An economy that is too hot is not good for interest rates,” said Lawrence Yun, chief economist at the National Association of Realtors. “Hence, the latest news of some cooling in the labor market could mean the topping-out of mortgage rates this week before more sustained declines through the remainder of this year.”

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African America’s March 2024 Jobs Report – 6.4%

Posted on April 8, 2024 by | Leave a comment

OVERALL UNEMPLOYMENT: 3.8%

AFRICAN AMERICA: 6.4%

LATINO AMERICA: 4.5%

EUROPEAN AMERICA: 3.4%

ASIAN AMERICA: 2.5%

Analysis: European Americans saw no change in their unemployment rate from March for the third straight month. Asian and Latino Americans saw an decrease of 90 basis points and 50 basis points, respectively. African Americans had an increase in their unemployment rate of 80 basis points for March.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 6.2%

AFRICAN AMERICAN WOMEN: 5.6% 

AFRICAN AMERICAN TEENAGERS: 20.1%

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 69.6%

AFRICAN AMERICAN WOMEN: 63.0%

AFRICAN AMERICAN TEENAGERS: 32.8%

Analysis: African American Men saw an increase in their unemployment rate by 10 basis points and African American Women increased by 120 basis points. African American Men and Women decreased their participation rate in March by 20 basis points and 40 basis points, respectively. African American Teenagers unemployment rate jumps by 470 basis points and 850 basis points over the past two months as their volatility continues. African American Teenagers also had their participation rate increase by 210 basis points up to their highest participation rate over the past five months.

African American Men-Women Job Gap: African American Women currently have 710,000 more jobs than African American Men in March. This is an decrease from 859,000 in February.

CONCLUSION: The overall economy added 303,000 jobs in February while African America lost 204,000 jobs. From CNBC, “This is another really strong report,” said Lauren Goodwin, economist and chief market strategist at New York Life Investments. “This report and the February report showed some broadening in terms of job creation, which is a very good sign.”

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African America’s December 2023 Jobs Report – 5.2%

Posted on January 8, 2024 by | Leave a comment

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.”

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