From CNBC:

A networking and hiring event for professionals of color takes place in Minneapolis, MN. The unemployment rate for Black Americans dropped to 5.2% in December, down from 5.8% the previous month. The overall unemployment rate held at 3.7%, with the jobless rate for white Americans at 3.5%. Experts caution that the monthly data could be too volatile to represent a trend.

When accounting for gender, the unemployment rate for Black men aged 20 and older fell to 4.6%, a significant decline from the 6.3% rate in November. Black women’s jobless rate remained unchanged at 4.8% in December. Bankrate senior economic analyst Mark Hamrick said, “The unemployment rate among Black Americans staged a significant drop in December, but remains above the lower level seen last year.”

The unemployment rate for Hispanic Americans rose to 5% in December from 4.6% in November. Among Black workers, the labor force participation rate dipped to 63.4% from 63.7% in the previous month. Despite the improvement in December, Black workers still lag every other demographic group in the U.S. in terms of unemployment, even though the rate remains at historically low levels.

Black Americans were particularly affected by business shutdowns during the Covid-19 pandemic, which saw the unemployment rate for Black workers peak at 16.8% in 2020. The overall unemployment rate hit a high of 14.7% in April 2020. A senior economist at Bankrate stated, “More progress needs to be made for Black workers as they remain above the lower level seen last year.”



Read more: Jobless rate for Black Americans declines to 5.2% to end 2023 on a positive note