Black unemployment hits 50-year low in March 2023

The unemployment rate of black workers came to a 50 -year low in March.

According to data released on Friday from the Bureau of Labor Statistics, the march unemployment rate for black workers was 5%, which was no less than 1972. The number is far from the all -time high level of 21.2% in January 1983, which occurred after the recession of the 1980s. The unemployment rate for black women was less than 4.2%.

It compares a total unemployment rate of 3.5% in March and a rate of 3.2% for white workers. Historically, the unemployment rate of black workers has been above the national average, and is usually almost twice as compared to white workers. Unemployment between Hispanic or Latino workers for the month was 4.6%, while for Asian workers it was 2.8%.

Unemployment rate for black workers at 50-year low

Monthly unemployment rates for white and black workers since 1972:

For the first time in at least 20 years, the employment-to-publicity ratio of black workers exceeded white workers. In March, the share of black population was 60.9%, which was 60.4% for all workers and slightly higher than 60.2% for white workers.

While this is a step towards bridging the employment gap, there is still a long way to go in bridging the economic disparity.
"For Black workers, disparities in employment outcomes are rooted in the United States' history of structural racism, which limits employment opportunities through numerous policies and practices such as unequal school funding, mass incarceration, and hiring discrimination." reduces," wrote the researchers at Nonpartisan Think. The Tank Center on Budget and Policy Priorities talks about the most recent recession caused by COVID-19.

According to the researchers, if the economy enters another recession this year, black workers could be the most severely affected, as they are typically the last to be hired and the first to be fired.

Black workers may also be subject to higher interest rates for mortgages and consumer loans, which could lead to financial hardship in the event of a recession.