Even in a strong economy, millions of hardworking people are being left behind.
Jobless claims edged up to 5-week high of 222,000 for the seven days ending June 8, as California, Pennsylvania layoffs rise, the Labor Department said Thursday. That was not enough to put a dent in the strong labor market or break the record for the longest expansion on record. Mortgage rates have hit their lowest level this year. Consumer sentiment hit 100 at the end of May, up from 97.2 in April, helped in part by a decade-long bull market. But not everyone is A-OK.
This gap between the rich and everyone else can be seen in overall stock ownership. Just over half of Americans own stocks, this Gallup report concluded. That includes 401 plans, shares in an equity mutual fund and/or an IRA account. Two-thirds of Americans do not even participate in or have access to a 401 plan, according to the U.S. Census Bureau.Here are five takeaways:
Twelve years after entering college during the 2003-2004 academic year, 21% of black student loan borrowers who graduated with a bachelor’s degree defaulted on their debts versus just 18% of white borrowers, according to a January 2018 analysis of government data by Judith Scott-Clayton, a professor of economics and education at Columbia University’s Teachers College.
4. Underemployed: Although unemployment fell to a 49-year-low of 3.6% in April from 3.8% in March, nearly a half-million workers also dropped out of the labor force last month, according to data released by the Bureau of Labor Statistics. Blacks, Hispanics, and those with less education are less likely to be satisfied with how much they are working, according to the Fed report.
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