Part 2: The demographics of the unemployed for July 10th:
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: 3.6% (flat)
- White: 3.8% (up .1%)
- Hispanic: 4.8% (down .4%)
- Black: 7.1% (down .4%)
Here are the adjusted rates:
- Asians: 7%
- White: 7.4%
- Hispanic: 9.4%
- Black: 13.8%
Demographically, the news was outstanding! We've needed to make the most progress with employment in Hispanic and black adults and that's exactly what happened in June. In fact, the real unemployment rate when adjusted for the long term unemployed, underemployed, and marginally attached - dropped under 10% for Hispanics for the first time since the recession! This is the most encouraging news to come out of this report.
In the third part of today's story we'll explore how much money we're making...