Jobseekers Talk to Recruiters during the New York Public Library’s Annual Bronx Job Fair & Expo at the Bronx Library Center in the Bronx Borough York, Us, ON FRODAY, ON FRODAY, ON FRODATAY, SAPT. 6, 2024.
Yuki Iwamura | Bloomberg | Getty Images
Unemployment amn black men surged in January as the number of that looking for work increase, according to data released friday by the department of labor,
In January, Black Workers Saw Their Jobless Rate Ede Higher to 6.2% From 6.1% in the month Prior. This trend bucked the overall unemployment rate For the country, which ticked down to 4.0% in January from 4.1% in December. Asian Americans were the only other demographic to see a relief in jobs rates to 3.7% from 3.5%.
On the other hand, Unemploment for White and Hispanic Workers Followed The Overall Trend and Fell in January from the Prior Month. For the former, it decreased to 3.5% from 3.6%. For the latter, it fell to 4.8% from 5.1%.
But Black men experienced the biggest month-to-month spike in UNEMPLOYMENT, with their Jobless Rates Rates Surging to 6.9% From 5.6%. On the other hand, the Unempolyment Rate Held Steady at 5.4% for Black Women.
While Hispanic Men also Saw Their Jobless Rate Hold Steady at 4.0%, Unempolyment rates for their female counterparts dropped to 4.5%from 5.3%. The Uneprement Rate also Fell for White Men to 3.1% from 3.3% and marginally decreased to 3.3% from 3.4% for white women. The data breakdown by sex was not readily available for asian Americans.
While The Spike in Unempolyment Rate for Black Male Workers Certainly Looks Alarming on the Surface, The Us Bureau of Labor Statistics Made Some Changes to their Population Controls and Survey tools in Jana Compare the data to previous months, according to elise Gold, Senior Economist at the Economic Policy Institute. Gold also potentially attributed the surge to standard data valati.
“I think you would need to see a few months of that elevation, and not just a blip in the data, to think that there was something sinister going on,” She Told CNBC. Still, “Obviously, just the simple fact that it’s so much higher than other groups is a systemic problem in and of its.”
Gield added that part of the Rise in Unempolyment Rate for Black Menwal be due to the fact that more of the cohort joined the job market in January.
Last Month, The Labor Force Participation Rate – The Percentage of the Population that is Eather Employed or Actively seeking work – ticked Higher to 62.6% from 62.5%.
Among Black Workers, The Rate Rose to 62.5% from 62.4%. The rate jumped to 69% from 68.2% for Black Men, While Slightly Increasing to 62.5% from 62.4% for Black Women.
“When the Unempolyment Rate Rices, but there’s also an increase in participation, that can often Meaning that people are more optimistic or coming back in the labor market looking for Jobs,” GOLD DEDEDED
Among White Workers, The Labor Force Participation Rose to 62.3% From 62.2%. Within asian works, the participation increase to 64.7% from 64.3%, and slipped amon hispanic works to 66.8% from 67.5%.
– CNBC’s Gabriel Cortes Contributed to this Report.
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