(AURN News) — The economy is not doing well, even as wealth continues to grow for the nation’s richest Americans during what has been described as the new “golden age.” As the Trump administration prioritizes ending diversity, equity and inclusion initiatives, Black Americans are facing growing economic pressure.
New data released this week by the Bureau of Labor Statistics show the Black unemployment rate has climbed sharply and is now the highest among all racial and ethnic groups in the country. The rate stands at 8.3%.
There have been steady increases in Black unemployment over the past year. In May, the Black unemployment rate was 6.0%. It rose to 6.8% in June and climbed again to 7.2% in July.
The data was released after the Federal Reserve lowered interest rates last week. Federal Reserve Chair Jerome Powell said concerns remain about the labor market.
“In the near term, risks to inflation are tilted to the upside and risks to employment to the downside – a challenging situation. There is no risk-free path for policy as we navigate this tension between our employment and inflation goals,” Powell said last week.
Overall, the national unemployment rate stands at 4.6%, the highest level since 2021 during the COVID-19 pandemic.
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