The Black unemployment rate dropped to a record low of 6.8% as reported in December 2017. The rate was the lowest recorded by the Bureau of Labor Statistics. The Black Unemployment data series goes back to 1972. The previous low was 7.0% in April 2000. The high was recorded in 1983 when the rate hit 21.2%. The Black unemployment rate has averaged 12.0%. over the 47 years the data series has been collected,
Also of interest is the Black / White unemployment ratio. It also dropped to one of it's lowest reported values: 1.66 or 166%. Historically, the ratio between Black and White Employment rates has been about 2 to 1. Some economists believe the ratio is a proxy for discrimination in the labor market against Black people.
That's the good news. The bad news is that the Black Labor Force participation rate is a 62.1% or only 62 percent of Black workers participate in the civilian labor market. The rest are choosing not to work: They are retired, disabled, incarcerated or working outside the formal economy.
1 comment:
College hurts black American people.
https://www.stlouisfed.org/publications/in-the-balance/issue12-2015/why-didnt-higher-education-protect-hispanic-and-black-wealth
The default rate for black American alumni is 400% higher than the default rate for white American alumni.
https://www.brookings.edu/research/the-looming-student-loan-default-crisis-is-worse-than-we-thought/
This suggests strongly that black alumni of undergrad schools nationally also have low employment (high unemployment). It is not likely that these alumni are high income, but delinquently choose against honoring their promissory notes.
It is difficult to believe that that black Americans with a Bachelors are much different in their employment rate than black Americans without a Bachelors degree.
It is much more likely, that the unemployment rate is closer to 5 fold (400%) difference... not 1.66 as is being reported.
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