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Black Unemployment Rate Hits Record Low

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The Black unemployment rate declined to a historic low in March.According to the Bureau of Labor statics job report, the Black unemployment rate hit a record low of 5 percent last month, which is also down from February’s 5.7 percent, per The Hill.The national unemployment landed at a near 50-year low of 3.5 percent.

“Thanks to the policies we have put in place, the recovery is creating good jobs that you can raise a family on, which is pulling more Americans into the labor force,” President Joe Biden said of the report.

Despite hitting a historic low, the Black unemployment rate is still much higher than other demographics with white unemployment at 3.2 percent, Asian unemployment at 2.8 percent, and Hispanic unemployment at 4.6 percent.

However, the report revealed that “the share of Black workers holding a job exceeds the share for white workers holding a job for the first time,” according to William E. Spriggs, professor of economics at Howard University.

“This is a victory. It’s not only that Black unemployment is low. It’s also that, for the first time, a higher share of Black people are working than White people,” Spriggs said in a statement.

Roughly 236,000 jobs were added to the market in March, with the “leisure and hospitality, government, professional and business services, and health care” sectors seeing the most gains.

According to the Washington Post, remote jobs have also opened the door for businesses to hire more Black workers, which may be a contributing factor to unemployment hitting a historic low.

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Black Information Network

Black Information Network is the first and only 24/7 national and local all-news audio service dedicated to providing an objective, accurate and trusted source of continual news coverage with a Black voice and perspective. BIN is enabled by the resources, assets and financial support of iHeartMedia and the support of its Founding Partners: Bank of America, CVS Health, GEICO, Lowe’s, McDonald’s USA, Sony, 23andMe and Verizon. BIN is focused on service to the Black community and providing an information window for those outside the community to help foster communication, accountability and deeper understanding.

Black Information Network is distributed nationally through the iHeartRadio app and accessible via mobile, smart speakers, smart TVs and other connected platforms, and on dedicated all-news local broadcast AM/FM radio stations. BIN also provides the news service for iHeartMedia’s 106 Hip Hop, R&B and Gospel stations across the country. Please visit www.BINNews.com for more information.

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