Business
African American unemployment drops slightly in November
The African American unemployment rate for November was 12.5 percent, from 13.1 percent in October. The national unemployment rate also dipped, from 7.3 percent to a 5-year low of 7 percent.
A fourth straight month of solid hiring cut the U.S. unemployment rate in November – the gains in the job market could spur greater economic growth. However, black lawmakers on Capitol Hill, however, are extremely frustrated by the persistently high unemployment rate among African Americans. A visibly angry Rep. Emanuel Cleaver (D-Missouri) said in an interview with reporters yesterday that African American unemployment has been “ignored.”
The Labor Department said Friday that employers added 203,000 jobs, nearly matching October’s revised gain of 200,000. The job gains helped lower the unemployment rate from 7.3 percent in October.
The strengthening job market is likely to fuel speculation that the Federal Reserve may scale back its bond purchases when it meets later this month.
The economy has now generated an average of 204,000 jobs from August through November. That’s up from 159,000 a month from April through July.
Many of the November job gains were in higher paying industries.
Manufacturers added 27,000 positions, the most since March 2012. Construction firms gained 17,000. The 2 industries have created a combined 113,000 jobs in the past 4 months.
