CBS News reports that the unemployment rate among African-Americans in the United States is now at 16.2 percent, according to the most recent data compiled by the US Department of Labor. The unemployment rate for black males is 17.5 percent; for black teenagers, it’s an astonishing 41 percent.
Things are worse in New York City. “For young men of color,” the CBS reports continues, “especially black males in New York City, things are especially bad. According to….the Community Service Society, 34 percent of New York’s young black men age 19 to 24 are not working.”
These data suggest that, for African Americans, the Great Recession is actually a Great Depression. Things are unlikely to change any time soon. The most recent economic forecasts suggest that the US economy will grow by less than 3 percent per annum for the next two years.