Within the Hispanic American community, unemployment ticked up 0.2% to 4.8%. Meanwhile, the highest jobless rate in the nation belongs to Black Americans – and last month, it ascended 0.1% to 5.8%.
The recent labor market data from the Department of Labor revealed that the unemployment rate for Hispanic workers saw an even greater increase, climbing up 0.2% to 4.8%, which stands as the highest rate since January 2022, compared to the overall U.S. rate that rose by 0.1% to 3.9%. Contrary to expectations, the rate did not remain at 3.8%.
Last month, the unemployment rate for Black Americans, the group with the highest jobless percentage in America, increased marginally to 5.8%. This rate is still lower than the record low of 5.4%, observed in October 2019. Julia Pollak, ZipRecruiter's chief economist, informed CNBC that economic downturns often cause the greatest effect on the most vulnerable wage earners, such as those with lower wages, lesser education and those facing employment difficulties. During the Covid-19 pandemic, Black and Hispanic workers were particularly affected, with unemployment peaking at 16.8% and 18.8% respectively, as compared to the 14.7% high seen in the general population in April 2020.
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Asian Americans experienced the largest boost in unemployment rates in October, which rose by 0.3% to reach 3.1%. In order to combat inflation, the Federal Reserve has been attempting to reduce economic activity, with Chair Jerome Powell noting that slower growth and a weaker job market are probably a necessary measure. The jobless rate of Hispanic workers declined to 66.9% in October from 67.3% the preceding month, while the entire labor force dipped to 62.7%, a decrease of 201,000.
Be sure to check out the latest articles from CNBC PRO that shed light on the drop of the S&P 500: Bank of America's investment strategist has suggested that the correction could continue until the S&P hits a certain level, a "panic spike" may occur in late October/early November, the S&P 500's correction is likely welcomed by someone like Warren Buffett, and Morgan Stanley's auto analyst has observed that investors have started to realize that Ford and GM are not necessarily the most attractive ways to capitalize on the surge of electric vehicles.
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