The jobless figures for June were better than expected. They certainly do not signal the start of a recession. The economy added 372,000 jobs, and unemployment was 3.6% according to the Bureau of Labor Statistics’ THE EMPLOYMENT SITUATION — JUNE 2022. Authors of the report summed up the numbers: “The unemployment rate was 3.6 percent for the fourth month in a row, and the number of unemployed persons was essentially unchanged at 5.9 million in June.”
The unemployment rate varied substantially by race. In June, the rate among adult men was 3.3%. Among adult women, the figure was the same. Among Whites it was also 3.3%. Among Hispanic, the figure was 4.1%. The rate among Black Americans was 5.8%. This is 75% higher than the figure for Whites.
The reasons Black Americans have higher jobless rates than whites fall into several categories. The Economic Policy Institute reports that among the primary reasons are “racism” and single adult households where one person tries to care for children and hold a full-time job at the same time.
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SOURCE: 247 Wall Street, Douglas A. McIntyre
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