Tag Archives: jobs

African America’s July 2023 Jobs Report – 5.8%

Posted on August 7, 2023 by | Leave a comment

OVERALL UNEMPLOYMENT: 3.5%

AFRICAN AMERICAN: 5.8%

LATINO AMERICAN: 4.4%

EUROPEAN AMERICAN: 3.0%

ASIAN AMERICAN: 2.3%

Analysis: Latino Americans were the only group to see an increase in their unemployment rate from June with a 10 basis point increase. Asian American led all others with the largest decrease in unemployment rate with a 90 basis point decrease from June.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 5.3%

AFRICAN AMERICAN WOMEN: 5.2% 

AFRICAN AMERICAN TEENAGE: 20.7%

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 68.3%

AFRICAN AMERICAN WOMEN: 63.0%

AFRICAN AMERICAN TEENAGE: 28.2%

Analysis: African American Men and Women both saw declines in their unemployment rates by 60 and 20 basis points, respectively. African American Men saw a 30 basis point increase in their participation rate from June while African American Women a marginal 10 basis point increase in their participation rate from June. African American Teenagers remain an extremely volatile group with their unemployment rate spiking by 510 basis points (bad news), but also seeing their participation rate decrease by 160 basis points (worse news).

African American Men-Women Job Gap: African American Women currently have 777,000 more jobs than African American Men in July. This is a decrease from 835,000 in June.

CONCLUSION: The overall economy added 187,000 jobs in July. African America added 94,000 jobs in July. From Yahoo Finance, “Job gains in July were the least since December 2020. Over the last year, job gains have now averaged 312,000 per month. Wages, a closely watched indicator of how much leverage workers are exerting in the labor market, rose more than expected last month, rising 0.4% on a monthly basis and 4.4% over last year. Economists expected wages to rise 0.3% over last month and 4.2% over last year.”

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African America’s November 2020 Jobs Report – 10.3%

Posted on December 8, 2020 by | Leave a comment

OVERALL UNEMPLOYMENT: 6.7% (6.9%)

AFRICAN AMERICAN: 10.3% (10.8%)

LATINO AMERICAN: 8.4% (8.8%)

EUROPEAN AMERICAN: 5.9% (6.0%)

ASIAN AMERICAN: 6.7% (7.6%)

Previous month in parentheses.

Analysis: For a second straight month all groups saw drops in their unemployment rates, led by Asian America’s 90 basis point decrease. European Americans had second smallest decrease, with unemployment dropping 10 basis points.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 11.2% (11.5%)

AFRICAN AMERICAN WOMEN: 9.0% (9.2%)

AFRICAN AMERICAN TEENAGE: 17.4% (23.6%)

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 65.2% (65.4%)

AFRICAN AMERICAN WOMEN: 60.6% (60.1%)

AFRICAN AMERICAN TEENAGE: 29.0% (30.3%)

Analysis: All three African American groups saw declines in their unemployment rate, led by a major movement by the African American Teenage group declining by 590 basis points. Participation rates for Men and Teenage both decreased, but the Teenage group saw a 430 basis point decline which represents a five-month low. African American Women saw a participation rate improvement of 50 basis points in November.

African American Men-Women Job Gap: African American women currently have 1,062,000 more jobs than African American men in November. This is a decrease from 1,075,000 in October.

CONCLUSION: The overall economy added 245,000 million jobs in November. African America added 136,000 jobs in November or 55.5 percent of the overall jobs. From Yahoo Finance, “The U.S. economy still has a ways to go before fully making up for the drop in payrolls induced by the pandemic. Even with a seventh straight month of net job gains, the economy remains about 9.8 million jobs short of its pre-pandemic level in February. The U.S. economy lost more than 22 million jobs between March and April.”

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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.”

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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.”

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African America’s June 2020 Jobs Report – 15.4%

Posted on July 6, 2020 by | Leave a comment

African American Unemployment Rate %

OVERALL UNEMPLOYMENT: 11.1% (13.3%)

AFRICAN AMERICAN: 15.4% (16.8%)

LATINO AMERICAN: 14.5% (17.6%)

EUROPEAN AMERICAN: 10.1% (12.4%)

ASIAN AMERICAN: 13.8% (15.0%)

Previous month in parentheses.

Analysis: Every group saw a significant decline in their unemployment rate with Latino Americans having the biggest decline of 310 basis points. Asian Americans had the smallest decline with 120 basis points.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 16.3% (15.5%)

AFRICAN AMERICAN WOMEN: 14.0% (16.5%)

AFRICAN AMERICAN TEENAGE: 23.2% (34.9%)

 

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 65.2% (63.9%)

AFRICAN AMERICAN WOMEN: 60.0% (59.9%)

AFRICAN AMERICAN TEENAGE: 30.4% (32.7%)

 

Analysis: African American Women had a significant change in their unemployment rate with a 250 basis point drop in their unemployment rate with a negligible change in their participation rate. African American Men saw a 80 basis point increase in their unemployment rate, but also experienced a significant 130 basis point increase in their participation rate. African American Teenagers always the most volatile group historically saw their unemployment rate drop by a staggering 1,170 basis points, but it seems like it woas  also saw their participation rate rise by 750 basis points on the back of a strong 110,000 jobs added in May.

African American Men-Women Job Gap: African American women currently have 1,023,000 more jobs than African American men in June. This is a increase from 843,000 in May.

CONCLUSION: Wall Street continues on a unprecedented tear and Main Street is building an economic mansion, but unsure whether they are on solid dirt of loose sand – maybe even quicksand. The economy added a jaw dropping 4.8 million job in the month of June, African Americans managed to add 404,000 jobs or 8.4 percent of the job total after comprising 11.3 percent in May. The Main Street economy, where the majority of African America’s financial reality resides is still waiting to see what the Federal government will do when it comes to unemployment benefits and other fiscal stimulus. If the Republicans allow the benefits to lapse believing the economy is truly roaring back on its own versus being propped up it could be as disastrous as the states who opened up prematurely and are now facing an uphill battle to constrain the virus again. Banks have offered extensions on mortgage relief for another three months so that may ease some of the pain along with allowing the amounts to be added onto the back end of the mortgage which had been a huge concern among many. This has provided an indirect stimulus to many households, but very little to African Americans who are the lowest home ownership group.

African America currently needs 862,000 jobs to match America’s unemployment rate.

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