The unemployment rate among Black workers decreased in August, contrary to the trend observed among other groups.
- The unemployment rate for Black workers decreased from 6.3% in July to 6.1% in August.
- The jobless rate slipped for both Black men and Hispanic women.
- The labor force participation rate remained constant for white workers but declined for Black and Asian Americans. However, this number increased for Hispanic Americans.
The unemployment rate for African Americans decreased in August, as per data released by the Department of Labor on Friday.
In August, the jobless rate for Black Americans decreased to 6.1% from 6.3%, while the overall unemployment rate in the country also decreased to 4.2% from July.
While the unemployment rate for white Americans remained unchanged at 3.8%, the jobless rate for Asian and Hispanic workers rose. Specifically, the unemployment rate for Asians increased from 3.7% to 4.1%, and for Hispanics, it rose from 5.3% to 5.5%.
While the unemployment rate for Black men decreased significantly from 6.6% to 5.9%, the jobless rate for Black women remained unchanged at 3.4%.
The unemployment rate for Hispanic women decreased from 5.4% to 5%, while the rate for Hispanic men increased from 4.4% to 4.8%. Additionally, the unemployment rate for white men rose from 3.5% to 3.6%, while it remained unchanged at 3.4% for white women.
The labor market appears very positive for female prime-age workers, aged 25 to 54, according to Elise Gould, senior economist at the Economic Policy Institute when examining the employment-to-population ratio.
"The employment-to-population ratio for women's prime-age workers is still at a quarter-century high, even though there is some softening in other measures, she said on CNBC."
Gould stated: "As we near full employment, it's logical that we'll observe some vulnerabilities."
The labor force participation rate remained constant at 62.7% last month.
The participation rate among white workers remained stable, while it decreased from 63.2% to 62.7% for Black Americans. The participation rate among Asian workers decreased from 65.7% to 65.4%, while it increased from 67.3% to 67.8% among Hispanic workers.
— CNBC's Gabriel Cortes contributed to this report.
Markets
You might also like
- Delinquencies are on the rise while a record number of consumers are making minimum credit card payments.
- U.S. economy state weighs on little changed treasury yields.
- European markets predicted to sustain positive growth.
- Trump hints at imposing a 10% tariff on China starting in February.
- David Einhorn believes we are currently in the "Fartcoin" phase of the market cycle.