WATCH: “Black unemployment rate another historic low at 5.4% that’s the lowest since they’ve been keeping records.”
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Once again, the unemployment rate for black Americans has dropped even lower in the month of October and hits a record low. According to the Bureau of Labor Statistics, the black unemployment rate is now 5.4 percent. USA Today reported this is the lowest level of black unemployment since 1972.
From USA Today:
U.S. hiring was surprisingly solid last month as employers added 128,000 jobs despite a General Motors strike that held down overall payrolls and the loss of 20,000 temporary census workers. The showing highlights a healthy economy that eases recession concerns.
Economists surveyed by Bloomberg expected 85,000 job gains.
The unemployment rate, which is calculated from a different survey, rose from a 50-year low of 3.5% to 3.6%, the Labor Department said Friday. That’s because a strong increase in employment was offset by an even bigger rise in the labor force, which includes Americans working and looking for jobs.
Even more encouraging: Job gains for August and September were revised up by 95,000. August’s additions were bumped from 168,000 to 219,000 and September’s from 136,000 180,000.
Stocks rallied Friday following the upbeat report, with the Standard & Poor’s 500 index hitting a fresh record while the Dow Jones Industrial Average surged about 300 points.
Another record was set in October for black men above the age of 20. They are seeing an unemployment rate of 5.1%.
The previous record low of 5.3 percent was set in 1973. October’s unemployment rate for black women over 20 was 4.8 percent. Overall unemployment including youth unemployment of black Americans aged 16 through 19, which was at 19.2%, which has dropped from 22.2% last year. When Trump was elected in 2016, the overall black unemployment rate was at 8% at that time.