Looking at some of the headlines for the May jobs report, you’d think America’s employment situation is in rough shape. After all, the economy added only 38,000 jobs, the slowest growth since 2010. Some speculated that Fed Chair Janet Yellen might delay interest rate hikes due to the sluggish job growth.
The monthly jobs report can be sliced and diced different ways though, and May’s report shows some interesting trends for young adults. But further analysis points to persistent inequities for marginalized communities and it underscore a need for innovation and targeted reform in our employment system. With that in mind, it’s worth it to take a step back, and look at these trends. This month, we compare the unemployment rates for young adults, broken out by demographic between May 2015 and May 2016.
By this comparison, the employment picture for young adults improved overall since last year. The unemployment rate facing young African Americans declined 2.6 points, and young Latinos’ rate declined 1.9 points. However, rates of unemployment for young people of color are almost double their white counterparts. This is clear evidence that structural disparities remain and more work needs to be done on workforce policy and college affordability to improve our economy overall.