The national unemployment rate for African Americans inched up in June to 6.5%, after hitting an all-time low of 5.9% in May. While this is the second lowest number on record since the Bureau of Labor Statistics (BLS) started tracking this nearly 50 years ago, homeownership in the black community continues to decline, even though more people have jobs.
The Breakdown You Need to Know
The BLS record goes back to January 1972 and details the progression of black workers across the labor force. Since 2010, which was the height of African American unemployment at more than 16%, the number has steadily decreased. Interestingly enough the black jobless rate remains almost double the 3.5% unemployment rate for whites and for Hispanics it sits at 4.6%.
As a community African Americans have experienced some monetary gains since the financial economic downturn. If we look at wages for black people they have risen as much as the national average since 2008, this should have helped in the quest to acquire property. On the other hand, CultureBanx notes homeownership which typically represents the foundation for wealth building has regressed.