The Bureau of Labor Statistics reported that unemployment grew three times faster among African-Americans in August than white Americans. The black unemployment rate rose .9 percent to 10.6 percent while the white unemployment rate grew only .3 percent to 5.4 percent.
Yet economic concern among policymakers continues to focus on bailing out foreign central banks and Wall Street investors as the second over $100 billion financial bailout of the post-Reagan era ensued Sunday with Treasury Secretary Hank Paulson’s announcement that the government would take over Fannie Mae and Freddie Mac.
Manufacturing employment fell by 61,000 in August. The largest decline
occurred in motor vehicles and parts (-39,000), which has lost 128,000 jobs
over the past 12 months. In August, employment also fell in 2 industries
related to home building–wood products (-7,000) and furniture and related
Within professional and business services, employment services lost 53,000
jobs in August; more than two-thirds of the decrease (-37,000) occurred in
temporary help services. Since its most recent peak in August 2006, employ-
ment services has lost 419,000 jobs.
Employment in both wholesale and retail trade continued to trend down over
the month. Within retail trade, motor vehicle and parts dealers shed 14,000
jobs. Since reaching a recent peak in April 2007, employment in motor vehicle
and parts dealers has fallen by 60,000.
The favorite prescription of the Republican party, more oil drilling, is not a big jobs creator. Additionally these jobs would not be spread across the country.
Employment in mining increased by 12,000 in August, with gains occurring in
all the component industries. Over the past 12 months, job growth has been
especially strong in support activities for mining (39,000) and in oil and
gas extraction (17,000).
No one on the public policy spectrum is addressing the higher black unemployment rate.