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The unemployment rate for Black workers declined in August, defying the overall upward trend in joblessness.
In August, the overall unemployment rate increased to 3.8%, reaching its highest level since February 2022. However, the labor force participation rate, which measures the number of employed or actively seeking employment individuals, rose to 62.8%, its highest level since February 2020.
While the jobless rate for Black workers decreased to 5.3% in August from 5.8% in July, it further improved among specific demographics. Black men over the age of 20 experienced a decline to a 5% unemployment rate, down from 5.3% in July. Similarly, Black women saw their jobless rate decrease to 4.7% compared to 5.2% the previous month.
“I am relieved to see the Black unemployment rate decreasing after being slightly elevated in previous months,” said Elise Gould, senior economist at the Economic Policy Institute. “Hopefully, this trend continues.”
Among Black workers, the labor force participation rate remained relatively stable, with a slight decrease from 62.7% in July to 62.6% in August.
However, the unemployment rate increased for Asians and Hispanics.
The unemployment rate among Asians rose to 3.1% in August, up from 2.3% in July. Hispanics also experienced a rise in their jobless rate, reaching 4.9% compared to 4.4% the previous month.
Gould emphasized that the household data used to determine these racial and ethnicity figures is based on smaller sample sizes, resulting in potential significant month-to-month volatility.
An area of concern in the latest release is the decline in jobs within state and local government education. In August, local government education payrolls decreased by over 10,000, while state government education jobs dropped by nearly 5,000.
“The decline in state and local education jobs is worrisome,” Gould stated, noting that this sector employs a significant number of Black workers and women. “Especially as students return to school this month.
— Contributed by CNBC’s Jeff Cox.
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