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Statement on April 2024 Jobs Report

May 3, 2024

In April 175,000 jobs were added to the economy. This month also saw a slight uptick in topline unemployment to 3.9 from 3.8. This topline increase is seemingly driven by larger increases among Hispanic and Asian unemployment which both saw increases of .3 percentage points over the last month. 

Hispanic unemployment specifically rose from 4.5 percent to 4.8 percent. When broken down further Hispanic men seem to have borne the brunt of the jump in unemployment going from 3.7 percent to 4.4 percent. Unemployment across all major ethnic and racial groups is the same or higher than it was a year ago with the topline being .5 percentage points higher than April of 2023.

Isabel Soto, LIBRE’s policy director, issued the following statement:

“This month’s numbers are showing a minor decrease in labor demand which indicates Fed rate cuts remain on the horizon. However, unemployment ticking upward is worrisome, particularly for the groups that saw a larger jump this month.”

Background: The LIBRE Initiative is a national organization dedicated to empowering the Hispanic community to reach its full potential by promoting and fighting for freedom-oriented solutions at the state and federal levels. We leverage the strengths of our community to transform lives and policies, partnering with community leaders, activists, faith groups and business owners, to advance legislation that breaks down barriers to opportunity.