CNN Money reports that the unemployment rate for African-Americans has reached its lowest level since December of 2008. Back in August of 2011, the unemployment rate soared to an astronomical high of 16.5%. The latest jobs report asserts 12.6% of African-Americans were unemployed.
However, the current unemployment rate for African-Americans is still disproportionately higher than the rate of 7.4% for the overall population. A sordid history details the Black unemployment rate has always been higher, largely due to long-term institutionalized trends that include a lower education level and a restricted social circle.
Heidi Shierholz, an economist of the Economic Policy Institute, notes that the unemployment rate for Blacks isn’t falling any faster than it is for the population at large, which is also at its lowest rate in nearly five years.
“The black population is not seeing different overall trends,” said Shierholz. Still, the unemployment rate for blacks was 13.7% in June. So the most recent move has been more dramatic. Shierholz noted that due to the smaller sample size of data, the swings in the unemployment rate for blacks can be more volatile.
A lethargic economy crawling towards recovery is producing some new jobs. However many of these jobs are lower wage service industry professions or part-time positions.
Niki Gatewoo d(@THE_NikiG)