As of March, the Black unemployment rate is now nearly double that of the White jobless rate of 3.4%.
The household survey that feeds into the jobs report is typically much more volatile than the establishment survey, so it’s possible that this leap may be exaggerated; however, it could be a worrying sign, Elise Gould, senior economist for the Economic Policy Institute, wrote Friday.
CNN
April 12, 2024
“That’s a concerning trend,” said Elise Gould, a senior economist at the Economic Policy Institute.
Gould pointed out that the unemployment rate for Black Americans has been steadily increasing since December. “I would say it’s not alarming yet, but I think it’s something that we really need to watch in coming months,” she added.
While March’s increase was primarily driven by the surge among Black women, Gould noted that in the past four months, the unemployment rates for both men and women has risen. However, she also cautioned that monthly data for demographic groups can be volatile by nature.
CNBC
April 12, 2024
As a result, the White/Black jobless gap hit its widest level since August 2022.
“Black unemployment is a key indicator—sometimes referred to as the canary in the coal mine—as historically marginalized groups often feel the effects of a softening labor market first,” writes Elise Gould, senior economist at the Economic Policy Institute.
Reuters
April 12, 2024
Meanwhile, a statewide debate over child-labor laws is brewing in the background. Sharpening into a larger issue, 28 states have introduced legislation that pokes holes in child-labor protections, according to the think-tank Economic Policy Institute. There’s a pushback to this movement, though, as 14 states have introduced counter bills to strengthen these child-labor laws.
“Child labor remains a key issue in state houses across the country in 2024,” Nina Mast, state economic analyst for EPI, told Fortune.
Fortune
April 12, 2024
Almost half of families in the US have no retirement account savings whatsoever, while more than 15 million Americans aged 65 or over are considered economically insecure. “The retirement system does not work for most workers,” according to the Economic Policy Institute – especially not for Black, Latino, lower-income and non-college-educated Americans, though it often fails more affluent, white professionals as well.
The Guardian
April 12, 2024
In 2022, the average earning of all farmworkers was $16.62 per hour – that’s about half of the average hourly wages for all workers in the United States, according to nonprofit think tank the Economic Policy Institute
Blue Ridge Public Radio
April 12, 2024
Over the last year, about half of the labor market’s recent growth came from immigrants, according to federal data analyzed by the Economic Policy Institute.
The Berkshire Eagle
April 12, 2024
“Starbucks has not joined a lawsuit against the NLRB questioning its constitutionality or initiated similar litigation against the NLRB,” the company told Fortune, linking to a statement. As of March, the coffee conglomerate has 741 open or settled NLRB cases according to the Economic Policy Institute—although the coffee chain recently reversed itself and pledged to negotiate with its unionized workers.
Fortune
April 12, 2024
More workers filling more jobs and spending more money has helped drive economic growth and create still-more job openings. The availability of immigrant workers eased the pressure on companies to sharply raise wages and to then pass on their higher labor costs to their customers via higher prices that feed inflation. Though U.S. inflation remains elevated, it has plummeted from its levels of two years ago.
“There’s been something of a mystery — how are we continuing to get such extraordinary strong job growth with inflation still continuing to come down?’’ said Heidi Shierholz, president of the Economic Policy Institute and a former chief economist at the Labor Department. “The immigration numbers being higher than what we had thought — that really does pretty much solve that puzzle.’’
Associated Press
April 12, 2024