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Jobless rates fall for Black and Hispanic men in September

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

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The unemployment rate for men in Black and Hispanic racial groups declined in September while staying little-changed for other racial groups, according to data released Friday by the Department of Labor.

In September, Black men saw their jobless rate fall to 5.1% from 5.9% in the month prior. The jobless rate similarly fell for Hispanic men to 4.1% from 4.8% last month.

The overall unemployment rate inched lower to 4.1% in September, down just 0.1 percentage point from August.

“The Black unemployment rate is still 1.5 times that of white workers, but it edged down in September to the lowest level since April,” said Bankrate economic analyst Sarah Foster. “Black unemployment typically holds about two times higher than White unemployment, among the first to be laid off. Meanwhile, the unemployment rate for Hispanic workers hit the lowest since June.”

This marks the first fall in unemployment for Black workers in five months, Foster added.

Meanwhile, the jobless rates for other racial groups remained little changed or fell slightly. Unemployment for Asian workers held steady at 4.1%. For white workers, it inched down to 3.6% from 3.8% in September.

The jobless rate for women across racial groups recorded small declines. Black and Hispanic women both experienced a 0.2% drop in unemployment in September to 5.3% and 4.8%, respectively. Unemployment for white women also ticked lower to 3.1% from 3.4%. The jobless rates for Asian workers separated by gender were not readily available.

The employment-to-population ratio for female prime-age workers, or those ages 25 to 54, fell to its lowest level since May.

“Prime-age labor force participation still remains near a historic high despite ticking down from its recent record-setting high in August,” said Foster.

Last month, the labor force participation rate — the percentage of the population that is either employed or actively seeking work — was unchanged at 62.7%.

Among white workers, the rate inched up just 0.1 percentage point to 62.4%, while it fell to 67.4% from 67.8% for Hispanic workers. Among Asian workers, participation slipped to 65.3% from 65.5%, and rose among Black workers to 62.9% from 62.7%.

— CNBC’s Gabriel Cortes contributed to this report.

Economics

What would Robert F. Kennedy junior mean for American health?

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AS IN MOST marriages of convenience, Donald Trump and Robert F. Kennedy junior make unusual bedfellows. One enjoys junk food, hates exercise and loves oil. The other talks of clean food, getting America moving again and wants to eliminate oils of all sorts (from seed oil to Mr Trump’s beloved “liquid gold”). One has called the covid-19 vaccine a “miracle”, the other is a long-term vaccine sceptic. Yet on November 14th Mr Trump announced that Mr Kennedy was his pick for secretary of health and human services (HHS).

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Economics

What would Robert Kennedy junior mean for American health?

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on

AS IN MOST marriages of convenience, Donald Trump and Robert F. Kennedy junior make unusual bedfellows. One enjoys junk food, hates exercise and loves oil. The other talks of clean food, getting America moving again and wants to eliminate oils of all sorts (from seed oil to Mr Trump’s beloved “liquid gold”). One has called the covid-19 vaccine a “miracle”, the other is a long-term vaccine sceptic. Yet on November 14th Mr Trump announced that Mr Kennedy was his pick for secretary of health and human services (HHS).

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Economics

UK economy ekes out 0.1% growth, below expectations

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Bank of England in the City of London on 6th November 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile. (photo by Mike Kemp/In Pictures via Getty Images)

Mike Kemp | In Pictures | Getty Images

The U.K. economy expanded by 0.1% in the third quarter of the year, the Office for National Statistics said Friday.

That was below the expectations of economists polled by Reuters who forecast 0.2% gross domestic product growth on the previous three months of the year.

It comes after inflation in the U.K. fell sharply to 1.7% in September, dipping below the Bank of England’s 2% target for the first time since April 2021. The fall in inflation helped pave the way for the central bank to cut rates by 25 basis points on Nov. 7, bringing its key rate to 4.75%.

The Bank of England said last week it expects the Labour Government’s tax-raising budget to boost GDP by 0.75 percentage points in a year’s time. Policymakers also noted that the government’s fiscal plan had led to an increase in their inflation forecasts.

The outcome of the recent U.S. election has fostered much uncertainty about the global economic impact of another term from President-elect Donald Trump. While Trump’s proposed tariffs are expected to be widely inflationary and hit the European economy hard, some analysts have said such measures could provide opportunities for the British economy.

Bank of England Governor Andrew Bailey gave little away last week on the bank’s views of Trump’s tariff agenda, but he did reference risks around global fragmentation.

“Let’s wait and see where things get to. I’m not going to prejudge what might happen, what might not happen,” he told reporters during a press briefing.

This is a breaking news story. Please refresh for updates.

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