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Jobless rates rise in June for white, Black and Hispanic women but fall for men in the three racial groups

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Jobseekers attend the JobNewsUSA.com South Florida Job Fair held at the Amerant Bank Arena in Sunrise, Florida, on June 26, 2024.

Joe Raedle | Getty Images

The unemployment rate for women in white, Black and Hispanic racial groups rose in June in line with the overall trend, according to data released Friday by the Department of Labor.

In June, white adult women saw their unemployment rate rise to 3.1% from 3.0% the month prior. The jobless rate similarly increased for Black and Hispanic women to 5.7% from 5.2% and 4.5% from 4.1%, respectively.

This trend was in line with the overall unemployment rate, which edged higher to 4.1% from 4.0% last month.

On the other hand, the unemployment rate fell for men in all three racial groups. The rate ticked down to 3.2% from 3.4% for white males, while falling to 4.2% from 4.7% for Hispanic men. Jobless rates also declined to 6.1% from 6.4% for Black men, although the category still has the highest unemployment rates among all the demographic groups.

“We’ve seen a lot of gains for women in this pandemic, in this recovery — a lot of notable highs that they’ve experienced. They hit historic all-time highs in terms of their employment in the labor market. But we did see some softening among women in June, and that was accompanied by this rise for men,” said Elise Gould, a senior economist at the Economic Policy Institute.

However, Gould noted that it’s curious this rise in female unemployment last month corresponded with an influx in jobs in health care and social assistance, which are traditionally not thought of as male-dominated fields.

The unemployment rate for white workers in general stayed steady at 3.5%. This number fell to 4.9% from 5% for Hispanic workers but rose to 6.3% from 6.1% for Black Americans and 4.1% from 3.1% for Asian Americans. The jobless rates for Asian workers separated by gender were not readily available.

Last month, the labor force participation rate — the percentage of the population that is either employed or actively seeking work — ticked higher to 62.6% from 62.5% in May.

Among white workers, the rate steadied, while it fell to 62.7% from 62.9% for Black Americans. This compares with the labor force participation rate for Asian and Hispanic workers, which respectively rose to 65.9% from 65.3% and 67.5% from 67.3%.

— CNBC’s Gabriel Cortes contributed to this report.

Economics

UK inflation September 2024

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The Canary Wharf business district is seen in the distance behind autumnal leaves on October 09, 2024 in London, United Kingdom.

Dan Kitwood | Getty Images News | Getty Images

LONDON — Inflation in the U.K. dropped sharply to 1.7% in September, the Office for National Statistics said Wednesday.

Economists polled by Reuters had expected the headline rate to come in at a higher 1.9% for the month, in the first dip of the print below the Bank of England’s 2% target since April 2021.

Inflation has been hovering around that level for the last four months, and came in at 2.2% in August.

Core inflation, which excludes energy, food, alcohol and tobacco, came in at 3.2% for the month, down from 3.6% in August and below the 3.4% forecast of a Reuters poll.

Price rises in the services sector, the dominant portion of the U.K. economy, eased significantly to 4.9% last month from 5.6% in August, now hitting its lowest rate since May 2022.

Core and services inflation are key watch points for Bank of England policymakers as they mull whether to cut interest rates again at their November meeting.

As of Wednesday morning, market pricing put an 80% probability on a November rate cut ahead of the latest inflation print. Analysts on Tuesday said lower wage growth reported by the ONS this week had supported the case for a cut. The BOE reduced its key rate by 25 basis points in August before holding in September.

Within the broader European region, inflation in the euro zone dipped below the European Central Bank’s 2% target last month, hitting 1.8%, according to the latest data.

This is a breaking news story and will be updated shortly.

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Economics

Why Larry Hogan’s long-odds bid for a Senate seat matters

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FEW REPUBLICAN politicians differ more from Donald Trump than Larry Hogan, the GOP Senate candidate in Maryland. Consider the contrasts between a Trump rally and a Hogan event. Whereas Mr Trump prefers to take the stage and riff in front of packed arenas, Mr Hogan spent a recent Friday night chatting with locals at a waterfront wedding venue in Baltimore County. Mr Hogan’s stump speech, at around ten minutes, felt as long as a single off-script Trump tangent. Mr Trump delights in defying his advisers; Mr Hogan fastidiously sticks to talking points about bipartisanship, good governance and overcoming tough odds. Put another way, Mr Hogan’s campaign is something Mr Trump is rarely accused of being: boring. But it is intriguing.

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Economics

Polarisation by education is remaking American politics

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DEPENDING ON where exactly you find yourself, western Pennsylvania can feel Appalachian, Midwestern, booming or downtrodden. No matter where, however, this part of the state feels like the centre of the American political universe. Since she became the presumptive Democratic presidential nominee, Kamala Harris has visited Western Pennsylvania six times—more often than Philadelphia, on the other side of the state. She will mark her seventh on a trip on October 14th, to the small city of Erie, where Donald Trump also held a rally recently. Democratic grandees flit through Pittsburgh regularly. It is where Ms Harris chose to unveil the details of her economic agenda, and it is where Barack Obama visited on October 10th to deliver encouragement and mild chastisement. “Do not just sit back and hope for the best,” he admonished. “Get off your couch and vote.”

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