A sign is seen during a health care career fair at Cape Fear Community College on Wednesday, February 28, 2023 in Wilmington, North Carolina, United States.
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Asian American unemployment rates fell from June to July, bucking the overall trend. Data released on Friday Provided by the U.S. Bureau of Labor Statistics.
The Asian American unemployment rate fell to 3.7% in July from 4.1% a month earlier. The result contrasts with the overall unemployment rate, which rose to 4.3% last month from 4.1% in June.
At the same time, the unemployment rate for white Americans rose to 3.8% in July, up from 3.5% a month ago. For Hispanics, that number climbed to 5.3% last month, compared with 4.9% in June. The unemployment rate for black workers held steady at 6.3%.
When gender is taken into account, the unemployment rate for black women also fell, with the unemployment rate falling to 5.5% in July, compared with 5.7% a month earlier. For black men, the number jumped from 6.1% in June to 6.6% last month.
The unemployment rate for white men rose to 3.5% from 3.2% in July, while the unemployment rate for white women rose from 3.1% to 3.4% last month. Last month, the share of Hispanic male workers also jumped from 4.2% to 4.4%, and the share of Hispanic female workers jumped from 4.5% to 5.4% in July.
The unemployment rate among Asian workers based on gender is unclear.
But Elise Gould, senior economist at the Economic Policy Institute, stressed that the numbers contain a lot of volatility — especially for smaller demographic groups — and warned against reading too much into the trends. .
In fact, Gould emphasized that although the overall unemployment rate increased last month, the labor market for the prime age employment group, namely workers aged 25 to 54, remained strong. Jia said. Gould added that the female workers in this group are continuing to recover.
“More and more people are coming back into the labor market. A lot of them can’t find jobs, and that’s why the unemployment rate is going up,” Gould told CNBC. “But when you look at the other side , things will definitely be stronger.”
last month, Overall labor force participation rate It grew to 62.7% in July, up from 62.6% in the previous month. This indicator represents the percentage of the population that is currently employed or actively seeking employment.
For white workers, the labor force participation rate rose to 62.3% last month, compared with 62.2% in June. The proportion of black Americans rose to 63.2% in July, compared with 62.7% the previous month.
For Hispanic workers, the labor force participation rate in July was 67.3%, down slightly from 67.5% the previous month. Meanwhile, the proportion of Asians was 65.7% last month and 65.9% in June.
—CNBC’s Gabriel Cortes contributed to this report.
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