The demographics of the unemployed – November 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: 2.9%
- White: 3.2%
- Hispanic: 4.1%
- Black: 5.4%
And by gender:
- Women – 3.2%
- Men – 3.2%
Here are the adjusted rates once you factor in the long-term unemployed, underemployed and marginally attached workers:
- Asians: 5.6% (higher)
- White: 6.2% (lower)
- Hispanic: 7.9% (higher)
- Black: 10.5% (record low)
After setting new record lows for Asian and Hispanic unemployment rates last month – we did see a slight uptick in rates with greater labor participation taking place. We did achieve a new record low in the unemployment rate for black adults. That’s exciting for multiple reasons. First, record low unemployment rates are always a great thing. Second, black unemployment is where we need the biggest improvement and we’re getting it. To push through to new record lows for unemployment in a month with a slight uptick generally is exciting. This also marks the first month in history where black unemployment isn’t at least double the ethnic group with the lowest unemployment rate. This has the potential to not only bridge income inequality overtime, but also help lower crime and improve local economies in more challenged neighborhoods.