Unemployment Rate Jumps to 4.1%, Black Workers Face Steeper Increase

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A hiring sign is displayed at a restaurant in Chicago, Monday, July 1, 2024. On Wednesday, July 3, 2024, the Labor Department reports on the number of people who applied for unemployment benefits last week. (AP Photo/Nam Y. Huh)
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(AURN News) — The U.S. job market showed signs of weakening in June, with the unemployment rate climbing to 4.1 percent, up from 3.6 percent a year ago, according to the latest Labor Department report released Friday morning. The economic downturn has hit Black Americans particularly hard. The Black unemployment rate surged to 6.3 percent, a significant increase from 5.6 percent back in April. This compares to 3.5 percent for White workers and 4.9 percent for Hispanic workers, maintaining the unfortunately long-standing pattern of higher joblessness among African Americans.

Despite the overall rise in unemployment, the economy added 206,000 jobs in June. Wages saw a modest uptick, with average hourly earnings increasing by 10 cents to $35.00. The average workweek held steady at 34.3 hours for the third consecutive month. This latest report raises concerns about the strength of the labor market and could influence future Federal Reserve decisions regarding the fight against inflation. The Federal Reserve’s FOMC minutes recently indicated a long road to recovery when it comes to getting inflation down to the 2 percent target goal.


Click play to listen to the AURN News report from Jamie Jackson:

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