Amid immense economic uncertainty, a bit of good news has emerged.
Recent data from the Bureau of Labor and Statistics shows that the Black unemployment rate has hit an all-time low, a record 4.7 percent in April 2023. In May 2020, it soared to a staggering 16.8 percent.
According to the Bureau of Labor and Statistics, the rate reached 4.7 percent in April 2023. The rate at which Black people were unemployed hit its peak during the Covid-19 pandemic. In May 2020, it rocketed to a whopping 16.8 percent.
Also, the chasm between Black and white Americans have decreased from 5.4 percentage points to 1.6 percent.
Black unemployment hasn’t been this low since 1972, which sat at 6.1 percent back then.
“This is a good jobs report for hard-working Americans,” President Biden said in a news release. “Today’s report shows that we continue to face economic challenges from a position of strength, with the economy adding 236,000 jobs last month and the unemployment rate at 3.5%.”
President Biden went on to say that his administration created 12.6 million jobs since he took office.
He continued: “Thanks to the policies we have put in place, the recovery is creating good jobs that you can raise a family on, which is pulling more Americans into the labor force. In fact, the share of working-age Americans in the labor force is at a 15-year high.”
Although this can largely be considered a victory, but the war on economic instability isn’t over.
Pandemic-induced inflation is still sky high and are leading many Black Americans to worry about their finances.
As ESSENCE previously reported, listed rents across the country for available increased 15% from 2021, with the average rent price being above $2,000 a month across the county. Rent in cities like Austin, Seattle, and Cincinnati is up by 30%. The median asking price for rent in Los Angeles is $3,400.