Part 2 - The demographics of the unemployed – October
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:
- White: 3.3%
- Asians: 3.5%
- Hispanic: 4.5%
- Black: 6%
Here are the adjusted rates once you factor in the long-term unemployed, underemployed and marginally attached workers:
- White: 6.7%
- Asians: 7.1%
- Hispanic: 9.1%
- Black: 12.1%
For the first time in several years the white unemployment rate is the lowest (the Asian unemployment rate had been the lowest since prior to the start of the Great Recession) but the biggest news is the progress made with Black and Hispanic adults. Here are all of the current groups experiencing record low unemployment rates right now:
- Women
- Hispanics
- Foreign born adults
- Native Americans
In addition, the black unemployment rate is within .1% of its all-time low set earlier this year. Pretty remarkable. The news is pretty great everywhere you look and importantly, those most in need of opportunity are receiving it in this economy. The length of time out of work for minorities has never been lower in recorded American history.
It'd be easy to overlook news like this when just looking at basic averages and numbers for the report. Obviously, we continue to see the disconnects in the labor market based on demographics and it paints a picture of where and with whom we generally need to be focusing efforts going forward. In the third part of today's employment story we'll explore the fun stuff...how much more money we're making...