Part 2: The demographics of the unemployed for January 8th:
Bottom Line: The demos of the unemployed tell a much more instructive 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 demographics:
Asians: 2.5%
White: 3.7%
Hispanic: 4.9%
Black: 6.8%
Here are the adjusted rates:
Asians: 4.9%
White: 7.3%
Hispanic: 9.7%
Black: 13.4%
The news was really solid demographically this month. In fact we currently have the lowest black unemployment rate in the history of the Bureau of Labor Statistics data. How's that for a good news story to go along with the best manufacturing jobs performance in decades. We saw the most improvement with minorities, Hispanic, black adults and what's now an incredibly low Asian unemployment rate. Despite the headline number being less that what we'd expected - where the jobs were added were in all of the right spots setting us up for incredible success in 2018 with continued economic momentum that we can expect to see on back on tax reform kicking in this month. In the third part of today's employment story we'll explore how much more money we're making...