Get App
Download App Scanner
Scan to Download
Advertisement
This Article is From Feb 04, 2022

U.S. Black Jobless Rate Improves, With More Entering Workforce

U.S. Black Jobless Rate Improves, With More Entering Workforce

Black workers in the U.S. saw an improvement in their jobs situation last month, as more men and women returned to the workforce and got hired. 

The unemployment rate for Black workers fell to 6.9% in January, according to Labor Department figures released Friday, reversing a gain in December when most other groups were improving. The rate for African-American women dropped to 5.8% after setbacks the previous month.

The figures show that the surprisingly strong labor market last month extended to parts of the workforce that usually take longer to draw in. The participation rate for Black workers, both male and female, also increased.

Still, the unemployment rate for African Americans remains high above the country's average -- 4% in January -- and more double that of White workers, which ticked up to 3.4% last month.

The unemployment rate for Black workers tends to be twice as high as that of their White counterparts, even during times of economic expansion. 

The Federal Reserve, which has a dual mandate that includes full employment, has signaled that it's broadened its assessment of labor market conditions to factor in Black workers and others who take longer to see gains.

However, Chair Jerome Powell said last month that labor-conditions were in line with maximum employment. Nationwide, jobs openings are near record highs and the country has recovered more than 80% of the jobs lost during the pandemic.

©2022 Bloomberg L.P.

Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.

Newsletters

Update Email
to get newsletters straight to your inbox
⚠️ Add your Email ID to receive Newsletters
Note: You will be signed up automatically after adding email

News for You

Set as Trusted Source
on Google Search
Add NDTV Profit As Google Preferred Source