WASHINGTON — A new report released by the Labor Department shows that Black unemployment has dropped from 16.0 percent to 15.1 percent in the month of October. Both of those rates are down from a 27 year high of 16.7 percent in August.
The drop is an encouraging sign and understandable considering the economy added 80,000 jobs last month. Many believe the jobs added are in the retail sectors with holiday shopping on the horizon. the fewest in four months and below September’s revised total of 158,000. The general unemployment rate dropped to 9 percent from 9.1.
In another encouraging sign Black teen joblessness fell for the third straight month, moving from 44.2 percent to 37.8 percent.
The report included some positive signs. The government revised August and September’s figures upward by 102,000. Average hourly earnings rose. And the unemployment rate fell for the first time since July, because a separate survey of households showed more people found work.
The report suggests that President Barack Obama will likely face the voters with the highest unemployment rate of any postwar president.