Black Unemployment Rate Went Up in May

Black Unemployment Rate Went Up in May

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be newsThe African-American unemployment rate increased from 13.2 percent to 13.5 percent in May, following two months of decline. The national unemployment rate also rose from 7.5 percent to 7.6 percent.

According to Moody’s Analytics, job growth has slowed since the beginning of the year and is being felt by all but the largest corporations.

“The softer job market this spring is largely due to significant fiscal drag from tax increases and government spending cuts,” Mark Zandi, chief economist at Moody’s Analytics said.

Government spending cuts are impacting African-Americans in various ways, from jobs, including furloughs enforced due to the sequester, to safety-net and education programs. As a result, the Black unemployment rate continues to be nearly twice as high as the overall rate.