A sign recruiting workers is posted outside a restaurant in Miami on May 5, 2023.
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U.S. government data released on Friday showed that the unemployment rate for black women fell in February despite an increase in the number of people looking for work.
Data released by the U.S. Bureau of Labor Statistics on Friday showed that the U.S. unemployment rate rose slightly to 3.9% last month from 3.7% in January. Adult women aged 20 and older in the labor force also followed this trend, with the unemployment rate rising from 3.2% to 3.5%.
However, the unemployment rate for black women fell from 4.8% to 4.4%. This came despite a rise in the labor force participation rate within the group, which measures the number of workers currently employed or looking for work, to 63.4% from 62.9%.
Valerie Wilson, director of the Race, Ethnicity and Economics Program at the Economic Policy Institute, said the labor market is showing positive signs for black women. She noted that the unemployment rate fell and the employment-to-population ratio edged up from 59.9% to 60.6%.
“Things are clearly moving in a positive direction,” she told CNBC.
As for why this group has been able to buck the trend, Wilson said it may be due to the increase in employment opportunities in specific industries last month.
“We’re seeing an increase in health care and government services, and we’re seeing a lot of black women being employed in those fields,” she said. “The fact that these two industries added jobs and had the highest job growth rates last month may be a factor in the higher participation rate and lower unemployment rate.”
For Hispanic women, the unemployment rate rose from 4.3% to 5%.
Wilson said overall, this month’s report paints a strong picture of the labor market as the unemployment rate remains below 4%.
“Right now, with the unemployment rate low, as long as net growth remains positive, you’re not going to see a huge change,” she said. While economists are still likely to see slight month-to-month changes, U.S. employment is currently at a At the rate of growth, the labor market should remain stable.
—CNBC’s Gabriel Cortes contributed to this report.
