Black unemployment rate hits a record low

Fed Chair grilled on black unemployment

The black unemployment rate fell to 5.9% in May — the lowest since the government started off keeping track in 1972.

which’s a notoriously volatile number, however the trend can be clear: This specific economy can be strong, along with everyone can be reaping the rewards.

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“The jobs market can be firing on all pistons. which can be benefiting all workers,” said Tony Bedikian, head of global markets at Citizens Bank. “There are more jobs to be had for all Americans.”

As the overall unemployment rate continues to fall — the lowest since 2000 — which’s also shrinking the gap between black along with white unemployment. which can be the narrowest on record.

Black unemployment dropped sharply last month, down via 6.6% in April. The gap between black along with white unemployment shrank to 2.4 percentage points, the very first time on record which’s been less than 3 points.

The figures were part of a jobs report Friday which showed overall unemployment at 3.8%. which was a clear sign which the economy can be strong — along with which there are opportunities for just about everyone.

Unemployment for black Americans remains stubbornly higher than for white, Asian along with Hispanic Americans. The unemployment rate can be just 2.1% for Asian-Americans along with 4.9% for people of Hispanic or Latino ethnicity.

Jobs data for black Americans also tends to be statistically more volatile than for white Americans because of a smaller population size. Still, the unemployment trends for black Americans are undeniably improving.

Black unemployment has fallen faster than white unemployment inside the past year. A year ago, the black unemployment rate was 7.6%. For white Americans, unemployment has dropped via 3.7% a year ago to 3.5% in May.

“There can be nothing not to like about This specific jobs report. which was strong across the board,” said Hank Smith, co-chief investment officer at Haverford Trust.

The black unemployment rate hit a post-Great Recession peak of 16.8% in March 2010. (The highest on record was 21.2% in January 1983.)

Since then, unemployment has dropped steadily for all Americans.

Related: Unemployment rate matches lowest point in half a century

which’s still harder for young black Americans, along with black men specifically, to find work.

The unemployment rate for black teens can be 19.8%. Although which’s down via 26.5% a year ago, which’s still substantially higher than the 11.6% unemployment rate for white teens.

along with the unemployment rate for black men over the age of 20 can be 6.3%, compared with just 4.7% for black adult women along with 3.2% for white men over the age of 20.

So black unemployment can be going inside the right direction. however there’s a long way to go before the job market can be equally Great for black along with white.

CNNMoney (completely new York) First published June 1, 2018: 11:52 AM ET



Source : Black unemployment rate hits a record low