U.S. employers added 155,000 jobs in December and the unemployment rate held steady at 7.8%.
However, the jobs outlook for young people especially young black teens is bleak.
According to Generation Opportunity, which charts unemployment for Millennials aged 18-29, the general jobless rate for teens is 11.5 percent and a shocking 22.1 percent for younger black Americans.
According to a Generation Opportunity analysis, the unemployment rate for 18-29 year old African-Americans for December 2012 is 22.1 percent (non-seasonally adjusted – NSA); the unemployment rate for 18-29 year old Hispanics for December 2012 is 12.2 percent (NSA); and the unemployment rate for 18-29 year old women for December 2012 is 10.4 percent (NSA).
The declining labor force participation rate has created an additional 1.7 million young adults that are not counted as “unemployed” by the U.S. Department of Labor because they are not in the labor force, meaning that those young people have given up looking for work due to the lack of jobs.
If you factor in those young people who have simply given up looking for work, the jobless rate for teens would jump from 11.5 percent to 16.3%.
Choosen excerpts by Job Market Monitor from
The recession has not affected all Americans equally. While overall unemployment hovers around 8 percent, the reality was much different depending on your racial and ethnic background. African-Americans had an unemployment rate of 14.1 percent, nearly double the rate of whites at 7.2 percent. Hispanics had the second highest unemployment rate at 10.2 percent. And … Continue reading »
On Saturday, a panel discussing the persistently high unemployment among African-Americans and women on MSNBC’s Melissa Harris-Perry linked that problem to the shrinking public sector. One of host Melissa Harris-Perry‘s guests said that the black middle class was born out of the expansion of public sector employment and that African-Americans simply do not have links …Continue reading »
White Americans have 22 times more wealth than blacks — a gap that nearly doubled during the Great Recession. The median household net worth for whites was $110,729 in 2010, versus $4,995 for blacks, according to recently released Census Bureau figures. The difference is similarly notable when it comes to Hispanics, who had a median … Continue reading »
When the black unemployment numbers dropped so steeply in January—from 15.7 to 12.7 percent—a lot of analysts were scratching their heads to figure out why. One told us that it was “quite surprising,” but there would be no way to know what the numbers meant or whether they were accurate until we saw if the … Continue reading »