Multiple speakers — including Rep. Vernon Jones, Rep. Jim Jordan and Mark McCloskey — touted the low unemployment rate America has witnessed under the Trump administration. Both Jordan and McCloskey credited the President for the “lowest unemployment in 50 years,” while Jones said President Trump “built the most inclusive economy ever, with record low unemployment for African Americans."
Facts first: This is misleadingly outdated, as it ignores the economic destruction caused by the coronavirus pandemic. While the US unemployment rate fell to a seasonally adjusted rate of 3.5% last September – its lowest level since 1969 – the pandemic has put a definitive end to America’s strong jobs market and millions of people remain out of work.
After dropping to a 50-year low in September 2019, the unemployment rate hovered around that level for five months before Covid-19 hit and millions of jobs vanished.
The unemployment rate for Black workers, meanwhile, fell to 5.4% in August of 2019, a record low for the data, which have been collected since 1972. It was mostly driven a drop in the jobless rate for Black women. The Black unemployment rate rose throughout the winter months.
All in all, America’s jobs market was strong when the pandemic hit. The March jobs report was the weakest since 2009. Things got worse in April, when more than 20 million American jobs disappeared amid the pandemic lockdown, by far the most sudden and largest decline since the government began tracking the data in 1939.
The unemployment rate spiked to 14.7% — the highest level since monthly records began in 1948. Joblessness had not been that severe since the Great Depression: The unemployment rate peaked at 24.9% in 1933, according to historical annual estimates from the Bureau of Labor Statistics.
While the pandemic affected workers across the country, minorities fared worse than White workers. In July, the overall unemployment rate fell back to 10.2% — still higher than during the worst part of the Great Recession — while the jobless rate for Black Americans was 14.6%.