Last month, the Fed announced that it would temporarily pause rate hikes after 10 consecutive increases since March 2022. lamented that the unemployment rate for Black workers jumped 1.3 percentage points to 6% in June, potentially signaling imminent trouble for the labor market as a whole. “Extensive research shows that Black workers are usually among the first to lose their jobs when the labor market falters. Accordingly, sharp increases in Black unemployment can be ‘a strong predictor of an impending recession. Unemployment for Black workers is already rising at an alarming pace.

Source: The Guardian July 27, 2023 19:54 UTC