The demographics of the unemployed – September 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: 2.8%
- White: 3.4%
- Hispanic: 4.2%
- Black: 5.5%
And by gender:
- Women – 3.3%
- Men – 3.4%
Here are the adjusted rates once you factor in the long-term unemployed, underemployed and marginally attached workers:
- Asians: 5.4% (flat)
- White: 6.6% (higher)
- Hispanic: 8.1 (record low)
- Black: 10.7% (record low)
This is the amazing and exciting story within this month’s employment report are demographic. We have new all-time low unemployment rates for Black and Hispanic adults. And not by a little either. This tight labor market continues to provide unprecedented opportunity to minorities most in need of it. This has the potential to not only bridge income inequality overtime, but also help lower crime and improve local economies in more challenged neighborhoods. Here’s another exciting wrinkle... The female unemployment rate is also now lower than the male unemployment rate. That’s another record.
Hopefully what's happening with minority progress continues throughout the 2nd half of 2019.