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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 February 2024 Jobs Report – 5.6%

Posted on March 11, 2024 by | Leave a comment

OVERALL UNEMPLOYMENT: 3.9%

AFRICAN AMERICA: 5.6%

LATINO AMERICA: 5.0%

EUROPEAN AMERICA: 3.4%

ASIAN AMERICA: 3.4%

Analysis: Latino and European Americans both saw no change in their unemployment rate from January. Asian Americans saw an increase of 50 basis points change in their unemployment rate. African Americans had an increase in their unemployment rate of 30 basis points for January.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 6.1%

AFRICAN AMERICAN WOMEN: 4.4% 

AFRICAN AMERICAN TEENAGERS: 15.4%

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 69.8%

AFRICAN AMERICAN WOMEN: 63.4%

AFRICAN AMERICAN TEENAGERS: 30.7%

Analysis: African American Men saw an increase in their unemployment rates by 80 basis points while African American Women decreased by 40 basis points after three straight months of no change. African American Men and Women increased their participation rate in January by 40 basis points and 50 basis points, respectively. African American Teenagers unemployment rate jumps by 380 basis points as their volatility continues. African American Teenagers also had their participation rate decrease by 90 basis points back down to their lowest participation rate over the past five months.

African American Men-Women Job Gap: African American Women currently have 859,000 more jobs than African American Men in February. This is an increase from 728,000 in January.

CONCLUSION: The overall economy added 275,000 jobs in February while African America gained 63,000 jobs. From Bureau of Labor Statistics, “Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force changed little at 1.6 million in February. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, was little changed at 425,000 in February.”

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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.”

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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.”

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