At Extreme Investor Network, we pride ourselves on delivering unique and valuable insights on the economy that you won’t find anywhere else. In a recent report released by the Labor Department, the unemployment rate for white Americans remained steady at 3.5% in May, while all other racial groups saw an increase in jobless rates.
This data goes against the overall trend of a slight increase in the overall unemployment rate from 3.9% to 4% in the same period. Black Americans saw their jobless rate rise to 6.1% from 5.6%, while Asian and Hispanic workers experienced an increase to 3.1% from 2.8% and to 5% from 4.8%, respectively.
“We obviously need to watch out for what’s happening with historically marginalized groups to make sure that the recovery gets experienced,” said Elise Gould, senior economist at the Economic Policy Institute. However, she noted that the uptick in jobless rates for certain demographics does not signal a significant divergence from existing trends.
Gould highlighted a stronger trend in the increase of unemployment rates for Black men compared to their female counterparts. The labor force participation rate among white workers also decreased slightly, along with the overall labor force participation rate, which fell for Black Americans but rose for Asian Americans and remained steady for Hispanic workers.
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