We’re hiring, part-time heroes wanted, sign at entrance to Target store, Queens, New York.
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The unemployment rate among Black Americans jumped in March, according to data released Friday by the Labor Department.
Unemployment among Blacks rose to 6.4% last month, compared to 5.6% in February. That’s higher than the overall unemployment rate, which fell slightly to 3.8% last month, and the jobless rate for white Americans of 3.4%, which has remained stable since February.
Adjusting for gender, the unemployment rate for black women ages 20 and older rose to 5.6%, a significant increase from the 4.4% rate in February. The unemployment rate for black men increased slightly from 6.1% to 6.2%.
“This is a worrying trend,” said Elise Gould, senior economist at the Economic Policy Institute.
Gould pointed out that the unemployment rate for black Americans has risen steadily since December. “I would say it’s not alarming yet, but I think it’s something we really need to keep an eye on in the coming months,” she added.
While the increase in March was primarily due to the increase in the number of black women, Gould noted that over the past four months, the unemployment rate has increased for both men and women. However, she also cautioned that monthly data for demographic groups can be inherently volatile.
Last month, the labor force participation rate — the percentage of the population that is either employed or actively looking for work — fell slightly among Black Americans to 63.6%, from 63.7% in February. For black women, the rate fell from 63.4% to 63%, while for black men it fell from 69.8% to 69.6%.
“People are looking for more opportunities, but not everyone is getting them, and that’s why the unemployment rate is rising,” Gould added.
This compares to the overall U.S. labor market participation rate, which rose to 62.7% in March from 62.5% in February.
Black Americans were the demographic that suffered the most from Covid-related business closures. The unemployment rate for Black workers peaked at 16.8% in 2020, higher than the April 2020 peak of the overall unemployment rate of 14.7%.
The unemployment rate for Hispanic Americans fell to 4.5% from 5% last month. Likewise, unemployment in Asia fell to 2.5% from 3.4% in February.
—CNBC’s Gabriel Cortes contributed to this report.
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2024-04-05 17:17:30
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