A recruitment sign was displayed on the window of chipotle in Alexandria, Virginia on August 22, 2024.
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The unemployment rate for black men increased significantly in February, even as tax rates for American workers increased overall.
Total unemployment rose to 4.1% of 4% last month from 4% in January, according to a report by the Bureau of Labor Statistics on Friday. Non-agricultural wage growth According to the data, great significance also appears.
To be sure, the unemployment data for February, driven by the president are Donald Trump and Elon MuskReduce the government efficiency department of the federal workforce. Elise Gould, senior economist at the Institute of Economic Policy, said the full impact of these cuts has not yet unfolded and further uncertainty surrounding the direction of U.S. economic and tariff decisions could affect hiring.
“It’s the calm before the storm,” she said. “In most cases, we haven’t seen layoffs in the data yet.”
Black unemployment rate increased in February
For black men aged 20 and over, the unemployment rate in February fell to 5.5% from 6.9% in January. The latest figures show that the close-level decline seen in December, with the unemployment rate among blacks in the cohort being 5.6%.
The unemployment rate for black women reached 5.4% in February and stabilized from January and December. These results came after soaring to 5.9% in November last year. In contrast, the unemployment rate for black workers generally fell to 6% from 6.2% in January.
“You’re going to see quite a lot of monthly volatility. It’s hard to ignore the huge drop in black unemployment…it’s a positive sign,” Gould said.
Hispanic and white women have higher unemployment rates
The unemployment rate for Hispanic women rose to 5.1% in February, up from 4.5% last month. The unemployment rate among Hispanic men also saw similar growth, rising from 4.0% to 4.6% last month.
For white women, the unemployment rate in February hit a 3.4% rate from 3.3%, while white men rose from 3.1% to 3.5% last month. Overall, the unemployment rate in February rose to 3.8% from 3.5% in January.
For Asian workers, the unemployment rate fell to 3.2% in February, down from 3.7% last month.
Rick Rieder, chief investment officer for global fixed income in BlackRock, said the February salary report had a “footnote load.”
“For example, a report survey was conducted after a large number of work displacements in California related to wildfires and other adverse weather conditions around the United States, and a report survey was conducted as changing immigration situations, more labor strikes and the impact of Duger on federal employment began,” he said.
– Gabriel Cortes of CNBC contributed to this report.
