In the latest labor market report, African American unemployment reached a historic low with overall unemployment down to 3.4%, the lowest rate since 1969.
Defying predictions, the unemployment rate for Black men ages 20 and older has hit a record low of 4.5%. For the first time, it’s been under 5% since the government began tracking in 1972. Black women in the same age range experienced a slight increase in unemployment, rising to 4.4%.
Despite the positive numbers, many Americans continued to struggle with rising inflation as wages increased by 4.4% in April, still below the 5% inflation rate in March.
Out of 253,000 jobs added in April, the leisure and hospitality sector led the way. However, the industry is known for lower wages, making it difficult for many employed Americans to make ends meet.