Asian American Unemployment Rates Drop in July, Defying Overall Trend

Wilmington, NC — The unemployment rate among Asian Americans fell from June to July, defying a broader trend, according to data released Friday by the U.S. Bureau of Labor Statistics.

The unemployment rate for Asian Americans decreased to 3.7% in July from 4.1% the previous month. This contrasts with the overall unemployment rate, which rose to 4.3% last month from 4.1% in June.

Meanwhile, the unemployment rate for white Americans increased to 3.8% in July, up from 3.5% the previous month. For Hispanic Americans, that number rose to 5.3% last month, up from 4.9% in June. The unemployment rate for Black workers remained steady at 6.3%.

Examining gender, the unemployment rate declined for Black women, who saw their rate drop to 5.5% in July from 5.7% the previous month. For Black men, the number jumped to 6.6% last month from 6.1% in June.

Unemployment rates for July rose to 3.5% from 3.2% for white men, while they increased to 3.4% last month from 3.1% for white women. The rate similarly rose to 4.4% last month from 4.2% for Hispanic men, and jumped to 5.4% in July from 4.5% for Hispanic women.

Unemployment rates for Asian workers by gender were not readily available.

Elise Gould, senior economist at the Economic Policy Institute, emphasized that these numbers include significant volatility, especially for smaller population segments, and cautioned against overinterpreting the trends.

Indeed, Gould noted that while the overall unemployment rate rose last month, the labor market remained robust for the older working-age group, or workers aged 25 to 54. The employment rate for this age group was 80.9% in July, according to Gould. She added that female workers in this group are continuing to recover.

“More people are back in the workforce. Many of them haven’t found jobs, and that’s why the unemployment rate has gone up,” Gould told CNBC in an interview. “But if you look at the other side of the coin, things are definitely stronger.”

Last month, the overall labor force participation rate increased to 62.7% in July, up from 62.6% the previous month. This measure represents the percentage of the population that is currently employed or actively seeking employment.

For white workers, the labor force participation rate rose to 62.3% last month, up from June’s rate of 62.2%. The rate rose to 63.2% in July, up from the previous month’s level of 62.7% for African Americans.

For Hispanic workers, the labor force participation rate was 67.3% in July, slightly lower than the previous month’s reading of 67.5%. Meanwhile, the rate among Asians was 65.7% last month, down from 65.9% in June.