Black unemployment at Great Depression rates of 23.7% in 1932

GOVERNMENT TOPICS
JULY 5, 2013
BY: HANK RICHARDS



African American Unemployment at Depression Levels

Credits: Edited for the Examiner by Hank Richards with PRonlineNews at (256) 738-2200

Opportunities remain scarce for young people after years of debt-fueled government spending based on the June, 2013 youth unemployment rate remaining at 16.1%.
In a communication from David Pasch at Generation Opportunity, a national non-partisan youth advocacy organization, with the Huntsville Examiner, its Millennial Jobs Report for June, 2013 is at 16.1%.

The data is (NSA) non-seasonally adjusted and is specific to 18-29 year olds:

The effective (U6) unemployment rate for 18-29 year olds, which adjusts for labor force participation by including those who have given up looking for work, is 16.1 percent.

The declining labor force participation rate has created an additional 1.7 million young adults that are not counted as “unemployed” by the U.S. Department of Labor because they are not in the labor force, meaning that those young people have given up looking for work due to the lack of jobs.


  • The unemployment rate for African-Americans increased from 21 to 23.7 percent
  • The unemployment rate for Hispanics increased from 12 to 13.2 percent
  • The unemployment rate for women increased 10 to 11.6 percent



Evan Feinberg, President of Generation Opportunity, shared the following statement with the Examiner:

  • “The White House will undoubtedly try to spin this morning’s jobs report as evidence that their policies of higher taxes and unsustainable deficits are actually creating more opportunities – young people know better.
  • Young people are finding fewer opportunities and are being saddled with the costs of our country's unsustainable deficits.
  • This week, Washington leaders failed once again to reach an agreement on student loan interest rates – never mind the fact that they never even bothered to address the underlying issue – skyrocketing tuition costs.
  • Next we can look forward to a whole slew of new environmental regulations that will further inhibit job creation and screw over a generation that nobody seems to realize is suffering.”



In 1931 Herbert Hoover urged the major banks in the country to form a consortium known as the (NCC) National Credit Corporation.

By 1932, unemployment had reached 23.6%, and it peaked in early 1933 at 25.4%.

The current unemployment rate for Black Americans aged 18 thru 29 years is 23.7% nearly reaching the peak unemployment rate during the Great Depression of 25.4% in 1933.

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http://www.examiner.com/article/blac...s-of-23-7-1932