Job seekers attend the JobNewsUSA.com South Florida Job Fair on June 26, 2024 at Amerant Bank Arena in Sunrise, Florida.
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Data released on Friday showed that the male jobless rate fell in September among black and Hispanic groups, while jobless rates remained unchanged among other racial groups. by the Department of Labor.
The black male unemployment rate fell to 5.1% in September from 5.9% the previous month. The unemployment rate for Hispanic men also fell to 4.1% from 4.8% last month.
The overall unemployment rate dropped slightly to 4.1% in September, only 0.1 percentage points lower than in August.
“The black unemployment rate is still 1.5 times the white unemployment rate, but fell slightly in September to the lowest level since April,” said Sarah Foster, an economic analyst at Bankrate. “The black unemployment rate typically Unemployment rates among Hispanic workers are about twice as high as those among whites, who were among the first to be laid off.
Foster added that this marks the first time in five months that the unemployment rate for black workers has fallen.
Meanwhile, other racial groups saw little change or slight declines in unemployment rates. The unemployment rate among Asian workers held steady at 4.1%. For white workers, the share fell slightly to 3.6% from 3.8% in September.
Female unemployment rates fell slightly across racial groups. The unemployment rates for black and Hispanic women both fell 0.2% in September to 5.3% and 4.8% respectively. The unemployment rate for white women also fell from 3.4% to 3.1%. Unemployment rates for Asian workers by gender are unclear.
The employment-to-population ratio for prime-age women – those aged 25 to 54 – fell to its lowest level since May.
“Although down from August’s record high, prime-age labor force participation remains near record highs,” Foster said.
The labor force participation rate (the percentage of the population that is employed or actively looking for work) remained unchanged at 62.7% last month.
Among white workers, the share edged up just 0.1 percentage point to 62.4%, while the share among Hispanic workers fell from 67.8% to 67.4%. The participation rate for Asian workers fell from 65.5% to 65.3%, while the participation rate for black workers rose from 62.7% to 62.9%.
—CNBC’s Gabriel Cortes contributed to this report.
