Economic Data

October 2018 Unemployment: The Asian Unemployment Rate Maintains Its Supremacy

Using data sets from the Bureau of Labor Statistics (BLS), we can see that Asian unemployment has been consistently the lowest throughout 2018 for all American groups. Thus, the following graphs – Graph 1, Graph 2, and Graph 3 – illustrate the unemployment rate pattern through 2018, a comparison of unemployment rates between groups and the average, and the unemployment rate change between September and October.

Unemployment Pattern through 2018

Graph 1

There are two pieces of information to take away from this data set:

  1. First, the unemployment rate for black Americans decreased by 19.5 percent over the course of the year.
  2. Second, the unemployment rate for Asian and white Americans remained relatively the same during 2018.

Unemployment Rates between Groups

Graph 2

There are two pieces of information to take away from this data set:

  1. First, the unemployment rate for black Americans was twice that of Asian and white Americans during October 2018.
  2. Second, the unemployment rate for Asian and white Americans was below the national average of 3.7 percent.

Unemployment Rate Change

Graph 3

There are two pieces of information to take away from this data set:

  1. First, the Asian unemployment rate saw the largest percent change between September and October from 3.5 percent to 3.2 percent, respectively.
  2. Second, the black unemployment rate increased from 6.0 percent in September to 6.2 percent in October, while the white unemployment rate and the average unemployment rate did not change from September to October.

It should be noted…

According to the Bureau of Labor Statistics data sets being used for this article, 2018 has been the lowest unemployment rate for black Americans since January 1972, the first month and year of the Unemployment Rate – Black or African data set (LNS14000006) provided by the BLS.

Thus, the average unemployment rate for black Americans through 2018 is 6.6 percent with the minimum value of 5.9 percent, which occurred in May, and the maximum value of 7.7 percent, which occurred in January.

Therefore, if the unemployment rate continues, the unemployment rate may increase towards the end of 2018 and peak in December 2018, but it will likely begin to decrease once again in early 2019.

Thus, the following questions are, will black unemployment peak in December 2018? Will black unemployment begin to decrease in early 2019? And will black unemployment be lower on average in 2019 than it was in 2018?

 

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