The BLS put out its THE EMPLOYMENT SITUATION — SEPTEMBER 2023 figures. They were better than expected. “Total nonfarm payroll employment rose by 336,000 in September, and the unemployment rate was unchanged at 3.8 percent.” Economists fear labor market strength will touch off another round of inflation and Fed interest rate increases. What was not as clear at first glance was the differences in the jobless rates based on gender and race.
The unemployment rate among Whites was 3.4%. It was 3.8% among adult men, and among adult women, it was 3.1%. It was 2.8% among Asians and 4.6% among Hispanics. It was 5.7% among Blacks.
Several factors contribute to the higher jobless rates among black Americans. Racism and single-adult households, where one person must balance childcare and full-time employment, are among the primary reasons, according to the Economic Policy Institute.
The American Progressive reports that the disparity between black and white jobless rates dates back to 1972 when the BLS started gathering monthly employment data. As another reason it gives incarceration. “Mass incarceration plays a significant role in the lower labor force participation rate for African American men.” Educational attainment is another reason. Whites tend to graduate from high school and college at a higher rate than black people.
Experts emphasize that these reasons are interconnected, forming a complex set of challenges that black Americans face when entering the workforce. It is widely agreed upon that these issues cannot be easily resolved.
A study by 24/7 Wall St. further delves into the problem at the city level, revealing cities where Black Americans encounter significant difficulties — these are 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.” Based on all these factors, the gulf between Black unemployment and white is unlikely to change.
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
