The jobless rate for Black workers in April fell back down to 5.6%, a rate last seen in February, after suddenly spiking to 6.4% in March, the highest since August 2022.
When that rate rocketed higher, economists cautioned that it was likely (and hopefully) a statistical anomaly. The household survey that feeds into the jobs report is typically more volatile, so it was possible that sudden leap wasn’t fully representative.
The return to 5.6% in April was reassuring, Elise Gould, senior economist for the Economic Policy Institute, told CNN in an interview.
It’s certainly a measure to keep watching she said, adding that it’s viewed as a “canary in the coal mine.”
“When things are going to get soft in the labor market, historically disadvantaged groups are often going to feel that first,” she said. “It’s still important to keep an eye on, but I think it’s promising that it has dropped.”