The unemployment reports came in and according to CNN, the unemployment rate for African Americans is down 5.9% in May. This is great news for the economy! People can make more money to take care of their families and spend money to help build the economy. The question is, how long will it last?
The latest jobs report was released on Friday and the Black unemployment rate fell to its lowest level since the government started keeping track of it in 1972.
The latest number is a sharp decrease from April’s figure when the unemployment rate for Black people was at 6.6%.
“The jobs market is firing on all pistons. It is benefiting all workers,” Tony Bedikian, head of global markets at Citizens Bank, told CNN Money. “There are more jobs to be had for all Americans.”
Despite the progress, the unemployment rate for Black people is higher than white, Asian, which is at 2.1% and Hispanics, which clocked in at 4.9%, per the report.