Job seekers participated in the JobNewsUSA.com South Florida Job Fair held at Amerant Bank Arena on June 26, 2024, in Sunrise, Florida.
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Recent figures from the Labor Department reveal that the unemployment rates for black and Hispanic men decreased in September, while rates for other racial demographics showed minimal variation.
The rate for black men dropped to 5.1% in September, down from 5.9% the prior month. Similarly, Hispanic men’s unemployment rate fell from 4.8% to 4.1%.
Overall, the unemployment rate slightly decreased to 4.1%, a decline of 0.1 percentage points from August.
“Although the unemployment rate for black workers is still 1.5 times higher than that of white workers, it fell to its lowest point since April,” stated Sara Foster, an economic analyst at Bankrate. She noted that black workers typically face double the unemployment rate compared to whites, who are often the first to be let go. Meanwhile, the unemployment rate for Hispanic workers is at its lowest level since June.”
Foster also pointed out that this marks the first instance in five months where the unemployment rate for black workers has seen a decrease.
In contrast, unemployment rates for other racial groups have either remained stable or seen slight decreases. The unemployment rate for Asian individuals stayed steady at 4.1%, while the rate for white workers fell slightly from 3.8% to 3.6% in September.
Women across different racial groups experienced a small drop in unemployment rates. For black women and Hispanic women, the rates decreased by 0.2 percentage points, landing at 5.3% and 4.8% respectively. The unemployment rate for white women also fell from 3.4% to 3.1%. Gender-specific unemployment data for Asian workers were not readily available.
The employment-to-population ratio for prime-age women (ages 25 to 54) reached its lowest level since May.
Foster commented, “Despite the labor force participation rate for middle-aged adults trending downward since August, when it hit an all-time high, it still remains near historical highs.”
The labor force participation rate—representing those either employed or actively job-hunting—held steady at 62.7% for the previous month.
For white workers, this rate experienced a minor boost of 0.1 percentage points, increasing to 62.4%. Conversely, the rate for Hispanic workers decreased from 67.8% to 67.4%. Participation among Asian workers fell slightly from 65.5% to 65.3%, while for black workers, it rose from 62.7% to 62.9%.
—CNBC’s Gabriel Cortez contributed to this report.
