Tag Archives: african american unemployment rate

African America’s January 2024 Jobs Report – 5.3%

Posted on February 5, 2024 by | Leave a comment

OVERALL UNEMPLOYMENT: 3.7%

AFRICAN AMERICA: 5.3%

LATINO AMERICA: 5.0%

EUROPEAN AMERICA: 3.4%

ASIAN AMERICA: 2.9%

Analysis: Asian and European Americans both saw a decrease in their unemployment rate from December with a decrease of 20 and 10 basis points, respectively. Latino Americans saw no change in their unemployment rate. African Americans had an increase in their unemployment rate of 10 basis points for December.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 5.3%

AFRICAN AMERICAN WOMEN: 4.8% 

AFRICAN AMERICAN TEENAGERS: 11.6%

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 69.4%

AFRICAN AMERICAN WOMEN: 62.9%

AFRICAN AMERICAN TEENAGERS: 31.6%

Analysis: African American Men saw an increase in their unemployment rates by 70 basis points while African American Women remain unchanged for a third straight month from December. African American Men increased and Women decreased in their participation rate from December of 20 basis points and 30 basis points, respectively. African American Teenagers unemployment rate plumets by 640 basis points. They also had their participation rate increase by 90 basis points.

African American Men-Women Job Gap: African American Women currently have 728,000 more jobs than African American Men in January. This is an increase from 665,000 in December.

CONCLUSION: The overall economy added 335,000 jobs in January while African America loss 65,000 jobs. From Bloomberg, “Gains were broad-based across sectors, led by professional and business services, health care, retail trade and social assistance. Nearly all sectors, except mining and gas extraction, saw additional jobs in January. Wages skyrocketed on the month and from the prior year, both above what economists expected to see. Average hourly earnings were up 0.6% from the prior month, double the average estimate, and rose 4.5% from the prior year. Part of the outsize gains could be attributed to reduced hours, which tend to distort pay. Hours worked fell to the lowest since March 2020.”

Leave a comment

Posted in Economics

Tagged , , , , , ,

African America’s August 2023 Jobs Report – 5.3%

Posted on September 4, 2023 by | Leave a comment

OVERALL UNEMPLOYMENT: 3.8%

AFRICAN AMERICAN: 5.3%

LATINO AMERICAN: 4.9%

EUROPEAN AMERICAN: 3.4%

ASIAN AMERICAN: 3.1%

Analysis: African Americans were the only group to see a decrease in their unemployment rate from July with a 50 basis point decrease. Asian American led all others with the largest increase in unemployment rate with a 80 basis point increase from July.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 5.0%

AFRICAN AMERICAN WOMEN: 4.7% 

AFRICAN AMERICAN TEENAGE: 16.9%

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 68.4%

AFRICAN AMERICAN WOMEN: 62.7%

AFRICAN AMERICAN TEENAGE: 29.2%

Analysis: African American Men and Women both saw declines in their unemployment rates by 30 and 50 basis points, respectively. African American Men saw a 10 basis point increase in their participation rate from July while African American Women a 30 basis point decrease in their participation rate from July. African American Teenagers remain an extremely volatile group with their unemployment rate plummeting by 380 basis points, but also seeing their participation rate increase by 100 basis points.

African American Men-Women Job Gap: African American Women currently have 739,000 more jobs than African American Men in August. This is a decrease from 777,000 in July.

CONCLUSION: The overall economy added 187,000 jobs in August. African America added 100,000 jobs in August. From Reuters, “U.S. job growth picked up in August, but the unemployment rate jumped to 3.8% and wage gains moderated, suggesting that labor market conditions were easing and cementing expectations that the Federal Reserve will not raise interest rates this month. The closely watched employment report from the Labor Department on Friday also showed 736,000 people entered the job market last month, boosting the participation rate to the highest level in 3-1/2 years. Concerns about an economic slowdown are probably luring people back into the labor market.”

”

Leave a comment

Posted in Economics

Tagged , , , ,

African America’s August 2020 Jobs Report – 13.0%

Posted on September 14, 2020 by | Leave a comment

African American Unemployment Rate %

OVERALL UNEMPLOYMENT: 8.4% (10.2%)

AFRICAN AMERICAN: 13.0% (14.6%)

LATINO AMERICAN: 10.5% (12.9%)

EUROPEAN AMERICAN: 7.3% (9.2%)

ASIAN AMERICAN: 10.7% (12.0%)

Previous month in parentheses.

Analysis: All groups saw drops in their unemployment rates, led by Latino America’s 240 basis point decrease. African Americans had second smallest decrease, with unemployment dropping 160 basis points.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 13.2% (15.2%)

AFRICAN AMERICAN WOMEN: 12.0% (13.5%)

AFRICAN AMERICAN TEENAGE: 24.6% (22.5%)

 

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 65.9% (65.6%)

AFRICAN AMERICAN WOMEN: 60.2% (60.2%)

AFRICAN AMERICAN TEENAGE: 29.0% (29.4%)

Analysis: African American Men and Women saw declines in their unemployment rate, rates while African American Teenagers saw an uptick in their unemployment rate by 210 basis points. Participation rates for Men improved marginally, Women saw no improvement, and African American Teenagers saw a second straight month of decline with a 40 basis points decline in August.

African American Men-Women Job Gap: African American women currently have 898,000 more jobs than African American men in August. This is a decrease from 958,000 in July.

CONCLUSION: The overall economy added 1.371 million jobs in August. African America added 367,000 jobs in July or 26.8 percent of the overall jobs. From Yahoo Finance, “The US economy added back a greater than expected number of payrolls in August and the unemployment rate improved by a larger than anticipated margin, as employers continued to bring back workers as virus-related business disruptions abated. Still, the pace of payroll gains slowed relative to recent months. A rise in temporary hiring for the 2020 Census helped boost non-farm payrolls in August, with government jobs jumping by 344,000 month-on-month, including a gain of 238,000 directly due to Census hiring. But in the private sector, nearly ever major industry group in both services and manufacturing added payrolls on net as well.”

Leave a comment

Posted in Economics

Tagged , , , ,

African America’s July 2020 Jobs Report – 14.6%

Posted on August 17, 2020 by | Leave a comment

African American Unemployment Rate %

OVERALL UNEMPLOYMENT: 10.2% (11.1%)

AFRICAN AMERICAN: 14.6% (15.4%)

LATINO AMERICAN: 12.9% (14.5%)

EUROPEAN AMERICAN: 9.2% (10.1%)

ASIAN AMERICAN: 12.0% (13.8%)

Previous month in parentheses.

Analysis: All groups saw drops in their unemployment rates, led by Asian America’s 180 basis point decrease. African Americans had the smallest decrease, with unemployment dropping only 80 basis points.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 15.2% (16.3%)

AFRICAN AMERICAN WOMEN: 13.5% (14.0%)

AFRICAN AMERICAN TEENAGE: 22.5% (23.2%)

 

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 65.6% (65.2%)

AFRICAN AMERICAN WOMEN: 60.2% (60.0%)

AFRICAN AMERICAN TEENAGE: 29.4% (30.4%)

Analysis: All groups saw declines in their unemployment rate, led by African American men who had a 110 basis point decline and women have the smallest decline of the three groups with only a 50 basis point decline. Participation rates for both men and women increased marginally, but African American Teenagers saw a 100 basis point decline.

African American Men-Women Job Gap: African American women currently have 958,000 more jobs than African American men in June. This is a decrease from 1,023,000 in June.

CONCLUSION: The overall economy added 1.763 million jobs in July. African America added 234,000 in July or 13.3 percent of the overall jobs. From Yahoo Finance, “The services sector again led non-farm payroll gains in July, after the services economy was cut deeply by shelter in place orders and business closures earlier on this year. The leisure and hospitality industry added back 592,000 jobs after gaining nearly 2 million in June, and retail trade jobs increased by 258,000 in July after a rise of more than 800,000 during the prior month. Within services, information-related industries were the only group to shed jobs on net in July, losing 15,000. Within the goods-producing sector, mining and logging jobs fell by 7,000. Government jobs rose by 301,000 in July, after an increase of 54,000 in June.”

Leave a comment

Posted in Economics

Tagged , , , , ,

African America’s May Jobs Report – 7.5%

Posted on June 4, 2017 by | Leave a comment

Overall Unemployment: 4.3% (4.4%)

African America Unemployment: 7.5% (7.9%)

Latino America Unemployment: 5.2% (5.2%)

European America Unemployment: 3.7% (3.8%)

Asian America Unemployment: 3.6% (3.2%)

Previous month in parentheses.

Analysis: Overall unemployment dropped by 10 basis points to a 16 year low. African America dropped by 40 basis points, the largest drop among all groups. Asian America saw a 40 basis point increase, but remains lowest among all groups. European and Latino America had negligible change.

African American Male Unemployment: 6.5% (7.3%)

African American Female Unemployment: 7.0% (6.9%)

African American Teenage Unemployment: 27.3% (29.3%)

African American Male Participation: 67.5% (68.3%)

African American Female Participation: 62.9% (62.7%)

African American Teenage Participation: 31.3% (30.8%)

Analysis: African American Males had a 80 basis point drop in their unemployment and participation rate. This after three months straight of participation rate growth. African American Females had a slight uptick in unemployment and participation rates. Their participation rate has been virtually unchanged for the past five months. African American Teenagers had a 200 basis point decrease in unemployment rate and 30 basis point increase in their participation as they post a five month high in jobs.

African American Male-Female Job Gap: 1 038 000 jobs (974 000 jobs)

CONCLUSION: The overall economy added 138 000 jobs in May. This is versus an expected 185 000 by surveyed economists. African America saw an increase of 46 000 jobs, but quite a pullback after over 100 000 jobs in April. Despite strong numbers, many can not help but feel apprehensive about the economy’s sluggishness. An expected rate hike in June is still on the table, but it is less certain after two months straight of missed expectations. African America continues to push forward under the Trump administration with its highest employed numbers seeing an increase every month thus far. We know the economy is overdue for a recession, but it is by no means overheated leaving most economist in unfamiliar territory of just what happens going forward.

African America currently needs 717 000 jobs to match America’s unemployment rate. A increase of 4 000 from April.

 

Leave a comment

Posted in Economics

Tagged , , ,