Today’s unemployment levels are miserable, but a reminder that African Americans were experiencing the same pain during boom times.
There’s been a lot of expectation management over the recent news that the U.S. unemployment rate has dropped from 8.7 percent to 8.5 percent. Alan Krueger noted that “[i]t is critical that we continue the economic policies that are helping us to dig our way out of the deep hole that was caused by the recession that began at the end of 2007.” Many economists expect unemployment to increase if the economy picks up, because people who have drifted out of the labor force will start looking for work again, raising the unemployment rate. And as everyone recognizes, there’s still a terrible amount of suffering with unemployment as high as 8.5 percent — wasted capacity, wasted opportunities, and mass misery. Though things may be looking up, they are still quite painful.
One interesting thing to note is that the number in between 8.7 percent and 8.5 percent, a threshold the country just crossed, was the average unemployment rate for African Americans going into the recession. The rate from 2006-2007 for African American men and women over 16 was 8.6 percent. Let’s chart that out (click through for larger image):Click here for reuse options!
Copyright 2012 The National Memo