Welcome to Extreme Investor Network, where we provide you with the latest insights and trends in the economy. Today, we are discussing the latest data released by the Department of Labor regarding the unemployment rates for different racial groups in the United States.
In September, the unemployment rate for Black and Hispanic men saw a decline, while staying relatively stable for other racial groups. Black men experienced a decrease in their jobless rate from 5.9% to 5.1%, while Hispanic men saw a decline from 4.8% to 4.1%. Overall, the unemployment rate inched lower to 4.1% in September, a slight improvement from the previous month.
According to Bankrate economic analyst Sarah Foster, the Black unemployment rate is still 1.5 times higher than that of white workers, but it reached its lowest level since April. This improvement marks the first fall in unemployment for Black workers in five months. Similarly, the jobless rates for Hispanic workers also hit their lowest levels since June.
While the unemployment rates for Asian and white workers remained relatively unchanged, there were slight declines in joblessness for women across racial groups. Black and Hispanic women both experienced a 0.2% decrease in unemployment, while white women saw a decrease from 3.4% to 3.1%.
Despite these improvements, the employment-to-population ratio for female prime-age workers fell to its lowest level since May. However, the labor force participation rate remained unchanged at 62.7%, with slight variations among different racial groups.
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— CNBC’s Gabriel Cortes contributed to this report.