Kanika Marwaha
1
All posts from Kanika Marwaha
Kanika Marwaha in Market and Economic Perspective,

Pre-Holiday Unemployment Figures Not As Festive Upon Closer Analysis

As the US market closes at record highs, and Americans prepare to celebrate the independence of their nation, they can breathe a sigh of relief that 288,000 jobs have been added.  

Closer analysis indicates that unemployment among the African American population is at its lowest since September 2008, currently at 10.7%.  40% of those that remain unemployed are millennials.  Latinos however experienced an increase in unemployment which currently stands at 7.8% versus the 6.1% national stat.  American Asians experience an unemployment rate of 5.1%
Despite the fact that jobs added beat analyst expectations by 73,000 positions and stands at 6.1%, it's not all good news.


The brief demographic analysis above shows how their is disparity between those that are employed and unemployed ranging from ethnicity to age, making no mention of education or experience.
The deceptive figure also stems from the fact that only understanding long term unemployment shows a fair picture. As its currently defined, unemployment only factors in those looking for a job that are unable to find one. It does not take into consideration those that  are underemployed or have stopped looking.
So while it's okay to celebrate America's Independence, just keep in mind, the unemployment numbers don't paint as bright a picture as one would hope!