August Unemployment Rate Drops for Black Workers
The latest data from the Department of Labor shows that the unemployment rate for Black workers decreased in August. Black workers saw their jobless rate drop to 6.1% from 6.3% the previous month, aligning with the overall national unemployment rate, which fell to 4.2% in August. Meanwhile, unemployment rates for white workers remained steady at 3.8%, while they rose for Asian and Hispanic workers. Black men saw a significant decrease in unemployment, with rates falling to 5.9% from 6.6%, while Black women’s rate held steady at 5.5%.
Hispanic women experienced a decrease in jobless rate to 5% from 5.4%, but unemployment rates for Hispanic men increased to 4.8% from 4.4%. White men also saw a slight increase in unemployment rate to 3.6% from 3.5%. The employment-to-population ratio for prime-age women workers remained at a high level, indicating a positive outlook for the labor market, according to economist Elise Gould. The labor force participation rate was unchanged at 62.7%, with variations among different demographic groups.
Overall, the labor market continues to show signs of strength and resilience, with some fluctuations in unemployment rates among different demographic groups.
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Lucas Bennett, completed his Finance degree at Bocconi University in Italy in 2018. He is highly skilled in corporate finance and risk management, beginning his career at a hedge fund in Milan. Lucas expertise extends to consulting for leading European firms, particularly within the energy markets sector. His analytical skills and strategic mindset have made him a sought-after consultant, and he continues to explore new opportunities within the financial services industry across Europe.