The unemployment rate among Asian Americans decreased in July, despite an overall increase in unemployment.
- Despite the overall trend, the unemployment rate for Asian Americans decreased from 4.1% to 3.7% in July.
- The jobless rate for black women decreased from 5.7% to 5.5%.
- Despite an increase in the overall unemployment rate in July, the labor market remained robust for workers aged 25 to 54, as per economist Elise Gould.
Despite a general increase, the unemployment rate for Asian Americans decreased from June to July, as per data from the U.S. Bureau of Labor Statistics released on Friday.
Despite the overall unemployment rate increasing, the unemployment rate among Asian Americans decreased from 4.1% in June to 3.7% in July.
The jobless rate for white Americans increased from 3.5% in June to 3.8% in July. The jobless rate for Hispanic Americans also rose from 4.9% in June to 5.3% in July. However, the jobless rate for Black workers remained unchanged at 6.3% in July.
The unemployment rate for Black women decreased from 5.7% in June to 5.5% in July, while the jobless rate for Black men increased from 6.1% in June to 6.6% in July.
The jobless rates for white men, white women, Hispanic males, and Hispanic female workers all increased in July.
Jobless rates for Asian workers based on gender were not readily available.
Elise Gould, a senior economist at the Economic Policy Institute, advised against interpreting trends based on the numbers, as they are highly volatile, particularly for smaller population groups.
While the overall unemployment rate increased last month, the labor market remained robust for the prime-age employment group, with a 80.9% employment rate in July, according to Gould. The economist also noted that female workers in this age cohort were still recovering.
"The unemployment rate increased because many people who returned to the labor force were unable to find jobs, according to Gould in an interview with CNBC. However, he noted that there are positive aspects to consider."
The labor force participation rate rose to 62.7% in July from 62.6% in June, indicating the percentage of the population actively seeking or currently employed.
Last month, the labor force participation rate for white workers increased to 62.3%, compared to 62.2% in June. Meanwhile, the rate for Black Americans rose to 63.2% in July, from 62.7% in the previous month.
In July, the labor force participation rate for Hispanic workers was 67.3%, which was slightly lower than the previous month's reading of 67.5%. On the other hand, the labor force participation rate among Asians was 65.7% in July, which was higher than the 65.9% rate recorded in June.
— CNBC's Gabriel Cortes contributed to this report.
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