file photo by Boyd Loving
the staff of the Ridgewood blog
Washington DC , the August jobs report was disappointing and for no group more than blacks. The African Americans unemployment rate ROSE in August from 8.6% to 8.8% even though there are 10 million open jobs.
African Americans have by far the highest unemployment rates of any race as seen in the table below. We are not sure what explains this rise in joblessness, given that surveys show half of all small businesses have job openings they couldn’t fill last month.
August Unemployment Rates by Race
All Americans 5.2%
Source: BLS, August, 2021.
This is quite a reversal of fortune for African Americans . After the Trump tax cuts, black incomes surged, black unemployment fell to its lowest level in 50 years, as did the black poverty rate. It’s less than a year into the Biden presidency, but so far blacks have hardly prospered under Bidenomics.