Connect with us

Economics

Unemployment rate among Black Americans jumps in March

Published

7 months ago

on

We’re Hiring, Part-time heroes wanted, sign at entrance to Target Store, Queens, New York.

Lindsey Nicholson | Universal Images Group | Getty Images

The unemployment rate among Black Americans jumped in March, according to data released Friday by the Department of Labor.

Black unemployment rose to 6.4% last month, up from 5.6% in February. That’s higher than the overall unemployment rate, which edged lower to 3.8% last month, as well as the 3.4% jobless rate for white Americans, which held steady from February.

When accounting for gender, the unemployment rate for Black women aged 20 or older spiked to 5.6%, a big increase from the 4.4% rate in February. Black men’s jobless rates climbed slightly higher to 6.2% from 6.1%.

“That’s a concerning trend,” said Elise Gould, a senior economist at the Economic Policy Institute.

Gould pointed out that the unemployment rate for Black Americans has been steadily increasing since December. “I would say it’s not alarming yet, but I think it’s something that we really need to watch in coming months,” she added.

While March’s increase was primarily driven by the surge among Black women, Gould noted that in the past four months, the unemployment rates for both men and women has risen. However, she also cautioned that monthly data for demographic groups can be volatile by nature.

Last month, the labor force participation rate – the percentage of the population that is either employed or actively seeking work – among Black Americans inched lower to 63.6%, down from 63.7% in February.  For Black women, the rate ticked lower to 63% from 63.4%, while it inched down to 69.6% from 69.8% among Black men.

“People are looking for more opportunities, not all of them are getting them, and that’s why the unemployment rate is rising,” Gould added.

This compares to the overall U.S. labor market participation rate, which rose to 62.7% in March from February’s 62.5%.

Black Americans were the demographic group that suffered the most from Covid-induced business shutdowns. The unemployment rate for Black workers peaked at 16.8% in 2020, higher than the overall unemployment rate’s April 2020 high of 14.7%.

Hispanic Americans saw their unemployment rate drop to 4.5% from 5% last month. Similarly, Asian unemployment fell to 2.5% from 3.4% in February.

— CNBC’s Gabriel Cortes contributed to this report.

Don’t miss these stories from CNBC PRO:

Related Topics:
Continue Reading

Economics

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

Published

10 hours ago

on

November 15, 2024

By

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).

Continue Reading

Economics

What would Robert Kennedy junior mean for American health?

Published

14 hours ago

on

November 15, 2024

By

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).

Continue Reading

Economics

UK economy ekes out 0.1% growth, below expectations

Published

16 hours ago

on

November 15, 2024

By

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.

Continue Reading

Trending