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Jobless rates rise in April for all race groups except Black Americans

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A networking and hiring event for professionals of color in Minneapolis, MN. 

Michael Siluk | Getty Images

The unemployment rate for Black Americans fell in April to buck the overall trend, according to data released Friday by the Department of Labor.

Black Americans remain the racial group with the highest jobless percentage in the U.S., even after their unemployment rate dipped to 5.6% last month from 6.4% in March. Still, that’s notable compared to the overall unemployment rate — which rose to 3.9% in April from 3.8% — and to the other racial demographics, which all saw their unemployment rates increase last month.

White Americans saw their unemployment rate edge fractionally higher to 3.5% from 3.4%. The jobless rate for Asian and Hispanic workers, respectively, rose to 2.8% from 2.5%, and to 4.8% from 4.5%.

But the unemployment rate for Black Americans has been noticeably volatile, rising to 6.4% in March from 5.6% in February.

“Luckily, for many reasons, that came down. I think that speaks to last month really just being a statistical blip that happens because of small sample sizes, and having that come down now for April is very promising,” said Elise Gould, senior economist at the Economic Policy Institute. “And you’re seeing that happen for black men and black women alike.”

Gould added that she’s still keeping a close eye on the unemployment rate for Black Americans, which rose four months in a row prior to April. It’s a key indicator — or the canary in the coal mine — to watch, since historically marginalized groups often feel the effects of a soft labor market first, she said.

Among Black workers, the labor force participation rate crept lower to 63.2% from 63.6%.

Meanwhile, the overall labor force participation rate held steady at 62.7%. The metric rose to 64.7% from 64.1% for Asian Americans, while also climbing to 67.3% from 66.8% for Hispanic workers.

Gould pointed out another positive trend: that the employment rate ticked higher in April for “prime age workers,” or those from ages 25 to 54.

— CNBC’s Gabriel Cortes contributed to this report.

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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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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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