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Economy
See other Economy Articles

Title: Black unemployment rate hits a record low
Source: [None]
URL Source: http://money.cnn.com/2018/06/01/new ... kets+%28CNNMoney%3A+Markets%29
Published: Jun 2, 2018
Author: Paul R. La Monica
Post Date: 2018-06-02 15:37:35 by Justified
Keywords: None
Views: 1615
Comments: 10

The black unemployment rate fell to 5.9% in May — the lowest since the government started keeping track in 1972.

It's a notoriously volatile number, but the trend is clear: This economy is strong, and everyone is reaping the rewards.

"The jobs market is firing on all pistons. It is benefiting all workers," said Tony Bedikian, head of global markets at Citizens Bank. "There are more jobs to be had for all Americans."

As the overall unemployment rate continues to fall — the lowest since 2000 — it's also shrinking the gap between black and white unemployment. It is the narrowest on record.

Black unemployment dropped sharply last month, down from 6.6% in April. The gap between black and white unemployment shrank to 2.4 percentage points, the first time on record it's been less than 3 points.

The figures were part of a jobs report Friday that showed overall unemployment at 3.8%. That was a clear sign that the economy is strong — and that there are opportunities for just about everyone.

Unemployment for black Americans remains stubbornly higher than for white, Asian and Hispanic Americans. The unemployment rate is just 2.1% for Asian-Americans and 4.9% for people of Hispanic or Latino ethnicity.

Jobs data for black Americans also tends to be statistically more volatile than for white Americans because of a smaller population size. Still, the unemployment trends for black Americans are undeniably improving.

Black unemployment has fallen faster than white unemployment in the past year. A year ago, the black unemployment rate was 7.6%. For white Americans, unemployment has dropped from 3.7% a year ago to 3.5% in May.

"There is nothing not to like about this jobs report. It was strong across the board," said Hank Smith, co-chief investment officer at Haverford Trust.

The black unemployment rate hit a post-Great Recession peak of 16.8% in March 2010. (The highest on record was 21.2% in January 1983.)

Since then, unemployment has dropped steadily for all Americans.

It's still harder for young black Americans, and black men specifically, to find work.

The unemployment rate for black teens is 19.8%. Although that's down from 26.5% a year ago, it's still substantially higher than the 11.6% unemployment rate for white teens.

And the unemployment rate for black men over the age of 20 is 6.3%, compared with just 4.7% for black adult women and 3.2% for white men over the age of 20.

So black unemployment is going in the right direction. But there's a long way to go before the job market is equally good for black and white.

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#1. To: All (#0)

Can you hear it?

Regressives and NeverTrumpers heads exploding!!

Justified  posted on  2018-06-02   15:40:03 ET  Reply   Trace   Private Reply  


#2. To: All (#0)

It must be about time for the unions to start striking to harm the economy. Its the favorite trick of Marxist leaders in the demoncrap party!

The Marxist just will not be able to stop "blacks" from defecting to the other side when they realize that they have been lied to all their life by the demoncrap party!!!

Justified  posted on  2018-06-02   15:53:59 ET  Reply   Trace   Private Reply  


#3. To: Justified (#0)

It's good news but just a part of the picture.

I liked this Townhall take: Democratic Mid-Term Hopes Are Crumbling.

After many years of losses, manufacturing jobs have made a comeback under President Trump. This trend continued in May with 18,000 new manufacturing jobs reported. There were also solid gains in healthcare with over 31,000 new jobs and in the construction sector, which added 25,000 new jobs in May. Because of the expanding opportunities for full time employment, the number of people forced to work part-time decreased by 37,000 in May.

It was also encouraging that this growth has been focused on the private sector instead of the public sector. Under President Trump, the federal workforce has actually been trimmed by 24,000 jobs. Although it is only a small decrease in a bureaucracy that includes almost 2.8 million workers, it is a step in the right direction.

In May, not only did the number of jobs increase significantly, but wages also showed solid growth of 2.7%, a marked improvement in a category that has been stagnant for many years. While employment expands, the inflation rate is modest and interest rates remain relatively low by historical standards.

These kinds of numbers, especially a rising wage keeping pace with inflation, are why the GOP has some new confidence. And starting to see more people being able to move from part-time to full-time (due to employers dodging the 0-care mandates) is another very positive sign.

It's why consumer confidence is up. More jobs, more full-time jobs, some pressure on wages. Just the other day, I saw a franchise for the ever-evil Chik-Fil-A had starting paying $17/hour starting wage. It's anecdotal but that's not bad for slinging chicken.

Tooconservative  posted on  2018-06-02   16:06:25 ET  Reply   Trace   Private Reply  


#4. To: Tooconservative (#3)

Go Figure. We get someone to actually push conservative values even thou he is not really a conservative and look what happens when you don't back down!! It really works? Who'da thunk it?/s Even after 8 years of pure maxist reign Trump has smashed it with real conservative policies that in less than one year turned the world around. Maybe Trump can motivate the GOP to actually move to conservative side instead of the commie/crony-capitalist side!

Justified  posted on  2018-06-02   16:18:51 ET  Reply   Trace   Private Reply  


#5. To: Justified (#1)

Regressives and NeverTrumpers heads exploding!!

I liked this cartoon because the Dems really are being swamped by Trump's economy. Massive deregulation, textualist judges by the dozen, corporate tax rate cuts, domestic energy development, etc. Trump has accomplished a great deal, a laundry list of conservative ideology favorites.

Tooconservative  posted on  2018-06-02   16:19:35 ET  (1 image) Reply   Trace   Private Reply  


#6. To: Justified (#4)

Even after 8 years of pure maxist reign Trump has smashed it with real conservative policies that in less than one year turned the world around.

Most presidents take a year or so to really grasp the full federal machinery under their control. The libs are very afraid, I think, that Trump has finally figured out how to push the buttons.

It is a job with a vertical learning curve. The executive power is huge but often has to be wielded subtly.

Tooconservative  posted on  2018-06-02   16:22:14 ET  Reply   Trace   Private Reply  


#7. To: Tooconservative (#5)

It will be interesting to see if the zombies in the big cities see the truth or still suck up the BS MSM is pushing come November. I really do not see much change one way or the other. Those that are demoncrap are so because of propaganda by the MSM and Stockholm syndrome.

Justified  posted on  2018-06-02   16:28:22 ET  Reply   Trace   Private Reply  


#8. To: Tooconservative (#6)

Most presidents take a year or so to really grasp the full federal machinery under their control. The libs are very afraid, I think, that Trump has finally figured out how to push the buttons. It is a job with a vertical learning curve. The executive power is huge but often has to be wielded subtly.

Its crazy what a real businessman can do who actually cares about his country compared to fake businessmen who reveals his real color of politician when pushed.

Justified  posted on  2018-06-02   16:33:10 ET  Reply   Trace   Private Reply  


#9. To: Justified (#7)

It will be interesting to see if the zombies in the big cities see the truth or still suck up the BS MSM is pushing come November. I really do not see much change one way or the other. Those that are demoncrap are so because of propaganda by the MSM and Stockholm syndrome.

I think there's underlying movement. People see kids getting work and moving out of their parents' houses. They notice some rising wages and labor market pressure in favor of workers. Some manufacturers are expanding in larger or new factories.

Turning out to vote Dem in the fall to get even with Trump for doing all those bad things isn't that appealing IMO.

If the Dems can't turn out core voters in very large numbers, they can't take the House. The Senate is probably already out of reach, given the advantage the GOP has in defending so few Blue state seats. The Dems don't even have good candidates to run against a strong crop of GOP governors.

Tooconservative  posted on  2018-06-02   17:07:51 ET  Reply   Trace   Private Reply  


#10. To: Justified (#0)

The black unemployment rate fell to 5.9% in May — the lowest since the government started keeping track in 1972.

AA hiring and goobermint jobs or jobs with goobermint contracts.

In the entire history of the world,the only nations that had to build walls to keep their own citizens from leaving were those with leftist governments.

sneakypete  posted on  2018-06-03   21:01:46 ET  Reply   Trace   Private Reply  


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