African Americans are dropping out of the labor force at alarming rates
As the employment situation improves slightly for most Americans, African-Americans are still losing ground. Based on the most recent report by the Bureau of Labor Statistics, blacks continue to drop out of the labor force and have an unemployment rate higher than every other demographic except teenagers.
According to the October BLS report, the number of African-Americans not participating in the labor force increased by 114,000 in October. People are defined as not being in the labor force if they are not incarcerated, don’t have a job and are no longer seeking employment.
Also the unemployment rate among blacks is still double that of whites.
“Among the major worker groups, the unemployment rate for whites declined to 4.8 percent in October. The rates for adult men (5.1 percent), adult women (5.4 percent), teenagers (18.6 percent), blacks (10.9 percent), and Hispanics (6.8 percent) changed little over the month. The jobless rate for Asians was 5.0 percent
FINANCIAL JUNETEENTH LESSONS FROM THIS STORY:
The black unemployment rate is not only unacceptable, it’s a conservative estimate. It doesn’t include the millions of black people who are either incarcerated or have given up looking for work at all. Democrats have done almost nothing to help with this problem and haven’t made it a high priority, which is why we’ve seen no economic progress since 2008 (other groups are doing very well economically, according to the data).
The only solution is to create a generation of builders who understand the basics of starting their own businesses. That’s why we created Financial Juneteenth. We can’t keep applying the same strategies and hope that it leads to different results. If we do, our grandkids will have the same problems we’re having right now.