Economic Perspectives with Hopeton Hay on KAZI 88.7 FM in Austin, TX

African American Unemployment Rates in February & March Highest Since 1993, Overall Unemployment Rises to Highest Since 1983

Posted by Hopeton on April 7, 2009

NOTE: For the latest post on African American unemployment click the following link: African American Recession Job Losses Surpasses 1 million, Obama Announces Training Initiative for Unemployed

By Hopeton Hay

African American unemployment declined slightly from 13.4 percent in February to 13.3 percent in March according to the latest data relased by the U.S. Bureau of Labor Statistics.  The African American unemploymment rates for February and March are the highest seen since June of 1993 when it was 13.4 percent.

Overall unemployment reached 8.5 percent in March, the highest overall unemployment rate in the U.S. since November of 1983.  Since the recession began in December 2007, 5.1 million jobs have been lost, with almost two-thirds (3.3 million) of the decrease occurring in the last 5 months.  In March, job losses were large and widespread across the major industry sectors.

unemployment1

Industry Employment Losses By Sector

Manufacturing employment fell by 161,000 in March, with widespread job losses occurring among the component industries.  Factory employment has declined by 1.0 million over the past 6 months.  In March, the largest decreases occurred in fabricated metal products (-28,000), machinery
(-27,000), and transportation equipment (-26,000).
   
The construction industry lost 126,000 jobs in March, with declines occurring throughout the industry.  Employment in construction has fallen by 1.3 million since peaking in January 2007; nearly half of that decline occurred over the last 5 months.  In March, employment fell in specialty trade contractors (-83,000) and construction of buildings (-33,000).  These declines were split about evenly between the residential and nonresidential portions of these industries.  Heavy and civil engineering construction also lost 10,000 jobs.  Employment in mining and logging declined by 18,000 in March.

Employment in professional and business services fell by 133,000 in March, with declines throughout most of the sector.  More than half of the loss occurred in temporary help services, which cut 72,000 jobs in March and 767,000 since December 2007.  In March, architectural and engineering services lost 16,000 jobs.
   
Retail trade employment fell by 48,000 over the month.  Since peaking in November 2007, employment in the industry has declined by an average of 44,000 per month.  In March, employment decreased in building material and garden supply stores (-13,000), automobile dealerships (-12,000), and electronics and appliance stores (-10,000).  Employment in wholesale trade fell by 31,000 in March, with nearly all of the decline occurring in durable goods.
   
Employment in financial activities continued to decline in March (-43,000). The number of jobs in this industry has dropped by 495,000 since an employment peak in December 2006.  More than half of this loss occurred in the past 7 months.  In March, job losses occurred in credit intermediation (-15,000); real estate (-12,000); and securities, commodity contracts, and investments (-7,000).
   
Leisure and hospitality shed 40,000 jobs in March, with most of the decrease in the accommodation industry (-23,000).  The leisure and hospitality industry has lost 351,000 jobs since an employment peak in December 2007.
   
Transportation and warehousing lost 34,000 jobs in March, raising total job losses to 265,000 since employment peaked in December 2007.  In March, employment declined in truck transportation (-15,000), support activities for transportation (-7,000), and couriers and messengers (-5,000).  Health care employment continued to trend up in March (14,000); however, monthly job growth in the first quarter averaged 17,000 compared with 30,000 per month in 2008.

Advertisements

One Response to “African American Unemployment Rates in February & March Highest Since 1993, Overall Unemployment Rises to Highest Since 1983”

  1. […] Posted by econpers on January 11, 2009 NOTE: For the latest post on African American unemployment click the following link:  African American Unemployment Rates in February & March Highest Since 1993, Overall Unemployment… […]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: