black unemployment

U.S. Economy Adds 1.8 Million Jobs in July, Unemployment Rate Fall to 10.2%

The U.S. economy added 1.8 million jobs in July and the unemployment rate fell to 10.2 percent, providing reassurance that the labor market has kept up some of its post-lockdown momentum. The numbers were better than anticipated. Economists had forecast an addition of around 1.5 million jobs and a decline in the unemployment rate to 10.6 percent from 11.1 percent last week. The economy has added around 9.1 million jobs in the past three months. The increase in the ranks of employed workers shows that companies ramped up hiring as the economy reopened and consumers came back to stores, restaurants, and other businesses that had been shuttered in March and April. Despite the gains, employment in July was lower than its February level by 12.9 million, or 8.4 percent The largest employment increases in July occurred in leisure and hospitality, government, retail trade, professional and business services, other services, and health care, the Bureau of Labor Statistics said in its monthly report on the employment situation in the U.S. The leisure and hospitality sector added 592,000 jobs in July, accounting for about one-third of the gain in total nonfarm employment in July. Restaurants and bars added 502,000 employees, following gains of 2.9 million in May and June combined. This was the hardest hit area during the pandemic lockdowns when many businesses were forced to shut their doors or saw demand plummet. Manufacturing had a strong month, in large part because of the auto sector. Employment increased by 26,000. A gain of 39,000 in motor vehicles and parts was partially offset by losses in fabricated metal products, machinery, and computer and electronic products. Although manufacturing has added 623,000 jobs over the past 3 months, employment is 740,000 lower than in February, highlighting that the recovery has brought us less than halfway back to the pandemic starting point. In a surprise, government employment rose by 301,000 in July. Typically, public-sector employment falls in July. Nonetheless, government jobs are still 1.1 million lower than the February level. It appears that some of the typical July declines happened earlier than usual this year due to the lockdowns. In one negative note in the July report, the black unemployment rate remained basically unchanged at 14.6 percent for the month, although unemployment for most other population groups improved. Prior to the pandemic, black unemployment had fallen to record lows. Yet even with the retreat, the black unemployment remains below the 16.6 percent rate hit in the second year of the Obama administration. As well, the gap between black and white unemployment is narrower than was typical before Trump’s election, when black unemployment usually ran at twice the white rate. In fact, the black-white unemployment gap is at the narrowest it has ever been in data going back to the 1970s. And black gains in employment for the month were greater than those for whites and Hispanics. A report on private payrolls from ADP and Moody’s Analytics on Wednesday estimated that businesses increased their workforces by 167,000 million in July. The ADP reports have been wildly off in recent months, apparently unable to correctly anticipate the impact of the reopening of the economy. The initial estimate for estimate June was 2.4 million jobs, which was revised up to 4.3 million. Similarly, the estimate for May initially showed a loss of 2.76 million jobs, and had to be revised up to show a gain of 3 million. The Trump administration’s aid programs appear to have worked to stave off economic disaster in the face of the coronavirus pandemic. Direct relief payments to taxpayers and enhanced unemployment have kept incomes up despite the huge rise in unemployment, which in turn has boosted demand for consumer products. The Paycheck Protection Progam, which provides forgivable loans to small businesses that avoid layoffs, also seems to have supported employment and rehiring. Those programs, however, have largely run their course. The $600 a week enhancement to unemployment benefits expired a week ago. The Paycheck Protection Program was meant to support employment for just a few months and most of the funds are now exhausted. Negotiations to re-up the programs have stalled on Capitol Hill, although President Donald Trump has said he will use executive orders to maintain federal support for the economy if Congress cannot agree on a plan.

More good economic news that we’re happy to report.  For more, click on the text above.   🙂

6.3%: Black Unemployment Rate Second-Lowest Ever

The midterm election is about “safety and jobs,” President Trump told a campaign rally in Montana Thursday night. He said the economy is “booming like never before,” and on Friday, the unemployment report brought the president more good news: the unemployment rate for African Americans, 6.3 percent, is the second lowest on record (it was 5.9 percent in May); and job-growth remains strong. For Hispanics, the unemployment rate increased two-tenths of a point from last month’s record low of 4.5 percent. And the overall unemployment rate remained at a low 3.9 percent. The number of jobs added — 201,000 — exceeded analysts’ expectations. (After revisions, job gains have averaged 185,000 for each of the last three months.) After three straight record-setting months, the number of employed Americans dropped by 423,000 in August, to 155,542,000 from last month’s all-time high of 155,965,000. This number has set 11 records since Donald Trump took office. In August, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 258,066,000. Of those, 161,776,000 participated in the labor force by either holding a job or actively seeking one. The 161,776,000 who participated in the labor force equaled 62.7 percent of the 258,066,000 civilian noninstitutionalized population, slightly below last month’s 62.9 percent participation rate. The participation rate remains stubbornly low as a growing number of people leave the labor force, led by baby-boom retirees. BLS noted that the percentage of Americans not in the labor force — meaning they neither have a job nor are looking for one — increased to a record 96,290,000 in August. Among the major worker groups, the unemployment rates for adult men (3.5 percent), adult women (3.6 percent), teenagers (12.8 percent), Whites (3.4 percent), and Asians (3.0 percent) showed little or no change in August. And there’s positive news on wage growth: In August, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents to $27.16. Over the year, average hourly earnings have increased by 77 cents, or 2.9 percent.

More, continued, great news in this Trump economy!!     🙂

Black, Hispanic unemployment rates hit record lows in April

The unemployment rate for black workers hit the lowest on record in April, according to the latest jobs figures released by the Bureau of Labor Statistics Friday. The unemployment rate for black workers dropped to 6.6 percent, beating the previous record low of 6.8 percent set in December. The jobless rate for Hispanics fell to 4.8 percent, tying the record reached last year and in 2006. Meanwhile, unemployment for white Americans stood at 3.6 percent. “There’s a heck of a lot of good news in this report,” Kevin Hassett, chairman of the White House Council of Economic Advisers, said of the numbers on Fox Business. President Trump has trumpeted the historically low unemployment rates for minorities seen in recent months..

And well he should!  This is the news that CNN and MSNBC don’t want you to know about.  They’d rather focus on some Trump Tweet or Stormy Daniels (or her attorney); totally irrelevant fake news.

Black Unemployment at Lowest Level in 17 Years

Unemployment among black Americans ages 16 years and over fell to 7.5 percent in May, its lowest level since December 2000. Black unemployment has been on the decline since February — falling from (February) 8.1, (March) 8.0, (April) 7.9, and (May) 7.5 percent, according to data from the Bureau of Labor Statistics. The national unemployment rate in May was 4.3 percent, its lowest level since May 2001. Unemployment for black Americans has historically hovered below their white counterparts. The Great Recession drove black unemployment near Great Depression-era levels, reaching 16.8 percent in March 2010. While most Americans were feeling the negative affects of the housing crisis, it was black lawmakers who were beginning to publicly blame President Obama for black America’s morass. In August 2011, Congresswoman Maxine Waters called the black unemployment rate “unconscionable.” A month later, Waters hammered President Obama for failing to “acknowledge the economic disaster in the African American community” while addressing his jobs agenda in the battleground state of Iowa. Days later, then-Congressional Black Caucus Chairman Emanuel Cleaver told reporters, “If Bill Clinton had been in the White House and had failed to address this problem, we probably would be marching on the White House.” In a campaign speech in North Carolina last October, then-candidate Trump offered a “new deal” to black Americans based on three pillars — “safe communities, great education, and high-paying jobs.”

…And so far, the man has delivered.  Yet, the dominantly liberal mainstream media isn’t reporting on this at all.  But, had this happened under Obama, we’d be hearing about it non-stop.  Again, the liberal media is exposed for its brazen hypocrisy.  This is great news for the black community!  And, it’s happening on Trump’s watch; NOT Obama’s.   🙂

White Unemployment 5.3% — Black Unemployment 11.4%

White Unemployment 5.3% — Black Unemployment 11.4%

Gee.. How is this possible with a (half) black president in the White House? As you might imagine, this data is NOWEHERE to be found in the dominantly liberal mainstream media, because it absolutely destroys their liberal agenda narrative. Black unemployment has gone UP since Obama became president; a fact they don’t want to deal with.