The demographics of the unemployed – January 2019
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: 3.3% (higher)
- White: 3.4% (flat)
- Hispanic: 4.5% (lower)
- Black: 6.6% (lower)
Here are the adjusted rates once you factor in the long-term unemployed, underemployed and marginally attached workers:
- Asians: 6.4% (higher)
- White: 6.6% (lower)
- Hispanic: 8.8% (lower)
- Black: 12.8% (higher)
It was a mixed bag last month demographically last month, but the biggest gains came with Hispanics. The real Hispanic unemployment rate dropped by another half point to set yet another all-time record low. We also had significant gains in white unemployment rates while unfortunately seeing an increase this month with black unemployment – a month after tying the record low black unemployment rate. Clearly this is where we still need to make more progress. That’s the fly in the middle of an otherwise terrific employment report.
Here’s an updated list all of the current groups experiencing record low unemployment rates right now entering 2019:
- Hispanics
- Women
- Foreign born adults
- Native Americans
Another bonus...the length of time out of work for minorities remains the lowest in recorded American history.
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.