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Black workers comprise 90 percent of recent unemployment spike, data show
BY NICK ROBERTSON - 07/07/23 10:35 PM ETShareTweet
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A now hiring sign is seen in front of a business along the boardwalk, Thursday, June 2, 2022, in Ocean City, N.J. (AP Photo/Matt Slocum)
A new Bureau of Labor Statistics report published Friday found that Black Americans make up nearly 90 percent of those who are unemployed in the U.S. since April.
Black workers made up about 267,000 of the 300,000 new unemployment cases this spring, the report says. The current unemployment rate of the demographic sits at 6 percent, nearly twice the rate of White employment — which sits at 3.1 percent.
Unemployment has remained low as fears rose about a looming recession, but the rate has not remained equal among different groups. Hispanic unemployment also rose in the same period, to 4.3 percent.
April marked record lows in unemployment among Black Americans, and the month also had the smallest gap between Black and White unemployment — a key factor used to track economic inequality.
“If conditions continue to weaken, or even accelerate, the gains won by Black workers and other vulnerable groups could diminish quickly,” William Rodgers, director of the St. Louis Fed’s Institute of Economic Equity, told Bloomberg.
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Overall, U.S. unemployment stands at 3.6 percent, about the same as before the COVID-19 pandemic in 2019 and early 2020. April’s 3.4 percent unemployment was the lowest since 1969.
Inflation has also reduced in recent months, bucking fears that it would continue to grow. Annual inflation is at 3.8 percent as of May, about the same as in early 2021.
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