The demographics of the unemployed – October 2019
Bottom Line: The demos of the unemployed tell a much more specific story about what's really going on in our labor market. As I do monthly, here are the government reported unemployment rates and my adjusted rate based on ethnicity:
- Asians: 2.5%
- White: 3.2%
- Hispanic: 3.9%
- Black: 5.5%
And by gender:
- Women – 3.1%
- Men – 3.2%
Here are the adjusted rates once you factor in the long-term unemployed, underemployed and marginally attached workers:
- Asians: 4.9% (record low)
- White: 6.3% (lower)
- Hispanic: 7.7% (record low)
- Black: 10.8% (.1% off record low)
There are so many great story lines playing out demographically in the country right now. Here are the groups with record low unemployment rates right now:
- Women
- Asians
- Hispanics
- Native Americans
Black adults are only .1% away from last month’s record low unemployment rate as well. Basically, only white men aren’t experiencing a record low unemployment rate right now. This is the American dream playing out like never before. No administration’s policies have led to opportunity and improvement of minority’s lives to this extent since Lincoln. That’s not hyperbole. This has the potential to not only bridge income inequality overtime, but also help lower crime and improve local economies in more challenged neighborhoods.