Job seekers gathered at the JobNewsUSA.com South Florida Job Fair at Amerant Bank Arena in Sunrise, Florida, on June 26, 2024. Recent Labor Department statistics highlighted that unemployment rates for Black and Hispanic men fell in September, while rates for other racial groups saw minimal change. Black men experienced a decrease in unemployment from 5.9% to 5.1%, and Hispanic men saw a drop from 4.8% to 4.1%. The overall unemployment rate slightly declined to 4.1%.
According to Bankrate economic analyst Sarah Foster, the Black unemployment rate, although still 1.5 times that of White workers, reached its lowest point since April, marking the first decline in five months. Meanwhile, unemployment for Hispanic workers reached the lowest level since June. Other racial groups, such as Asian and White workers, saw their jobless rates remain largely steady with small declines noted.
In terms of female unemployment, Black and Hispanic women both saw a minor 0.2% decrease, resulting in rates of 5.3% and 4.8%, respectively. White women’s unemployment also slightly decreased to 3.1% from 3.4%. Data for Asian workers separated by gender was not disclosed.
The employment-to-population ratio for prime-age female workers aged 25 to 54 declined to its lowest since May. Despite this, prime-age labor force participation remains near a historic high, despite a slight decrease from its previous peak in August, Foster noted.
The labor force participation rate remained unchanged overall at 62.7% in September. Among racial groups, White workers’ participation slightly increased by 0.1 percentage points to 62.4%, while Hispanic workers saw a decline to 67.4% from 67.8%. Asian workers experienced a minor decrease to 65.3% from 65.5%, whereas Black workers saw an increase to 62.9% from 62.7%.
[Source: Gabriel Cortes, CNBC]
Original Story https://www.cnbc.com/2024/10/04/-jobless-rates-fall-for-black-and-hispanic-men-in-september.html
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