Trump’s economy brings eighteen-year record unemployment to everyone and all-time record unemployment to Blacks.
There was record unemployment among blacks last month in April at 6.6 percent. In May, it went lower still—to 5.9 percent. That’s a pretty big jump in a month and underscores why black America needs to rethink which political party can best serve their interests. As Donald Trump famously asked, “What the hell do you have to lose?”
Of couse, the unemployment rate is falling for all Americans. Hopefully, this trend continues!
The Wall Street Journal reports, “Unemployment Rate Falls to 18-Year Low; Solid Hiring in May.”
The U.S. labor market was firing on all cylinders in May: the unemployment rate fell to an 18-year low, employers added jobs at a faster pace and wages modestly improved.
The unemployment rate ticked down to a seasonally adjusted 3.8%, matching April 2000 as the lowest reading since 1969, the Labor Department said Friday. Nonfarm payrolls rose a seasonally adjusted 223,000 in May, a jump from gains from March and April. Average hourly earnings ticked up to a 2.7% from a year earlier—and raises were even stronger for nonmanagers.
“It’s pretty hard argue that the labor market is anything but right in the sweet spot,” said Dan North, chief economist at Euler Hermes North America. “There is tremendous demand for labor right now.”
U.S. employers have added to payrolls for 92 straight months, extending the longest continuous jobs expansion on record. And those gains are extending to all corners of the labor market.
The unemployment rate for women, 3.6% last month, was the lowest since 1953, when far smaller share of women sought jobs. The jobless rates for blacks, Latinos and those without high-school diplomas are trending near record lows.
A tighter labor market should also produce better wage growth, but overall gains have remained modest. Average hourly earnings for all private-sector workers increased 8 cents last month to $26.92.
Wages for nonsupervisor workers are rising at a faster rate than overall wage increases for the first time since 2014.
The Washington Examiner adds some details: “Black unemployment rate hits new record low in May.”
Black unemployment fell sharply to 5.9 percent, beating out the 6.6 percent record low that was set a month earlier.
The unemployment rate for Hispanic workers hit a record low in April, at 4.8 percent, but it rose slightly to 4.9 percent in May.
So what Donald Trump said a few months ago about record unemployment for African Americans is even more true today!
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