The unemployment rate for Blacks was 83% higher than the low overall rate in August. “Black workers are the canary in the coal mine because they face discrimination and they tell you what employers are really doing,” economist William Spriggs said.
Entrenched discrimination and family demands mean that fewer Black Americans can take advantage of a strong labor market like many of their white counterparts even as more jobs were added in August. Most worrisome, the Black segment of the population is particularly vulnerable if the economy sinks closer to recession.
The unemployment rate for African Americans is, however, much higher. It rose to 6.4% in August from 6.0% the previous month, with the Black labor participation rate declining for the third consecutive month, according to the U.S. Bureau of Labor Statistics. — William Spriggs, Howard University professor “The first thing that tends to happen when the labor market is at an inflection point is that hiring slows down,” Spriggs told MarketWatch. “Black workers are the canary in the coal mine because they face discrimination and they tell you what employers are really doing.”
This brings the policy rate to a range of 3% to 3.25%. At this point last year, it was near 0%. But the Fed is now penciling in an additional 125-basis-point increase before year’s end. “We will keep at it until the job is done,” Powell said in a press conference following the announcement. The August job report was largely a good one, showing the labor market growing at a more sustainable rate, Bahn added.
It took around 10 years for Black women’s employment to recover from the Great Recession. “Black women experienced the steepest drop in labor force participation and have had the slowest job recovery since January 2020,” according to this Department of Labor blog.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dodge Summons The Black Ghost With 807-HP 2023 Challenger Last Call Special Edition | CarscoopsDodge Summons The Black Ghost With 807-HP 2023 Challenger Last Call Special Edition | Carscoops carscoops
Read more »
‘Spider-Man’ Star Laura Harrier Wants to Destigmatize Therapy in the Black CommunityShe says it was vital in helping her cope with anxiety and panic attacks.
Read more »