The Unemployment Rate Bottomed a Year Ago, Who’s Impacted the Most?

Tyler Mitchell By Tyler Mitchell Jul6,2024 #finance

The unemployment rate has been slowing rising for about a year depending on age group and race. A pair of charts spotlights the issue.

Data from the BLS, chart by Mish

Unemployment Rate by Race

  • White: 3.5 Percent
  • Overall: 4.1 Percent
  • Hispanic: 4.9 Percent
  • Black: 6.3 Percent

Increase in Unemployment Rate from the Low

  • White: 0.5 Percent
  • Overall: 0.7 Percent
  • Hispanic: 0.8 Percent
  • Black: 1.5 Percent

Unemployment Rate by Age Group

  • Overall: 4.1 Percent
  • 16-19: 12.1 Percent
  • 20-24: 7.5 Percent
  • 25-34: 4.4 Percent
  • 35-44: 3.3 Percent
  • 45-54: 2.7 Percent
  • 55+ 2.8 Percent

Who is Impacted the Most?

Young adults and blacks.

This is a theme of mine and it shows up again and again in economic data and in polls.

On April 20, I commented People Who Rent Will Decide the 2024 Presidential Election

Q: Who is it that rent?
A: Young adults and blacks.

Why Angry Renters Will Decide the Election, Take II

Data from the BLS except for the Case-Shiller housing index , chart by Mish

On June 19, I commented Why Angry Renters Will Decide the Election, Take II

Economists say wages are now rising faster than the CPI. That’s not true for those who rent or wish to buy a house.

Today we have additional evidence that shows why young voters and blacks have switched from Biden to Trump in unprecedented numbers.

I have some new polls, with my own charts that show precisely what’s happening. And I believe a recession has started.

I will spell out the case for recession on Monday and I will go over new post-debate polls that reflect the above charts.

Tyler Mitchell

By Tyler Mitchell

Tyler is a renowned journalist with years of experience covering a wide range of topics including politics, entertainment, and technology. His insightful analysis and compelling storytelling have made him a trusted source for breaking news and expert commentary.

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