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What’s going on:     Â
The unemployment rate among Black workers in the United States accounts for nearly 90% of the recent rise in joblessness, according to The Hill. This spike occurred over two consecutive months, with the number of unemployed Black workers increasing by 267,000 since April. This figure represents a substantial portion of the 300,000 overall increase in unemployment during the same period. Â
The unemployment rate for Black workers rose to 6% in June (the highest since August 2022), and is almost double that of white workers, whose rate fell to 3.1%.Â
Why it matters:Â Â Â Â Â
This trend is concerning as it indicates a growing disparity in the labor market, with Black workers disproportionately affected by unemployment rates. The widening gap between Black and white unemployment rates, a key indicator of inequality in the labor market, marks a reversal from the narrowest level ever recorded in April.
How it’ll impact the future:Â Â Â Â Â Â Â
If this trend persists, this could lead to increased economic inequality and social instability in the workforce. It could be a sign of a broader downturn in the labor market, affecting all workers regardless of race or ethnicity. Â
The rising unemployment rate among Black workers could also contribute to existing racial disparities in employment opportunities and income, leading to increased economic inequality. Beyond the immediate impact on Black workers, this trend could have broader implications for the entire workforce.
