Black Unemployment 84% Higher Than White

The BLS released its THE EMPLOYMENT SITUATION — OCTOBER 2022. It showed the pace of job creation slowed compared to recent months, but the economy added 261,000 jobs, which is impressive during an economic downturn. The unemployment rate was 3.7%, close to the lowest level in decades. Notable among the October figures was that the unemployment rate among Blacks was 84% higher than among White Americans. The ratio has not changed much since the BLS started to release job data.

Across groups measured by the BLS, the jobless rate among white people was 3.2%. Among adult males, the figure was 3.3%. Among adult women, the figure was 3.4%. Among Asians, the figure was 2.9%. Among black Americans, the number was 5.9%.

The reasons black Americans have higher jobless rates than white people fall into several categories. The Economic Policy Institute reports that among the primary reasons are “racism” and single adult households where one person tries to care for children and hold a full-time job simultaneously.

The American Progressive reports that the spread between black and white jobless rates goes back to 1972 when the BLS started to gather monthly employment data. It gives incarceration, the rate of which is higher among blacks than whites, as another reason. “Mass incarceration plays a significant role in the lower labor force participation rate for African American men.” Educational attainment is another reason. White people tend to graduate from high school and college at a higher rate than black people.

None of these reasons can be taken alone, according to many experts. They represent a web of problems black Americans face as they try to enter the workforce. One thing almost all experts agree on is that these problems will not go away.

A study by 24/7 Wall St. last year shows the deep problems can be further explained at the city level. Among the worst cities for Black Americans: “Black residents in these metro areas are much less likely to hold a high school diploma or college degree than white residents. Lower levels of high school attainment can drive down wages and make it more difficult to find a job.”

Get Our Free Investment Newsletter

I have read, and agree to the Terms of Use

Based on all these factors, the gulf between Black unemployment and white is unlikely to change.

Sponsored: Find a Qualified Financial Advisor

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

Source: Read Full Article