This study examined the effects of paternal and maternal job loss on changes in Black and White early adolescents' academic achievement, school attendance, locus of control, and self-concept. It also investigated whether the effects of parental job loss could be explained by contemporaneous changes in parental behavior. Analysis of data on 8th graders observed over 2 years as part of the National Educational Longitudinal Survey indicated that the negative effects of job loss were limited to those associated with the loss of fathers' jobs and were more severe among black families. Among black youth, fathers' job loss had a detrimental effect on math test scores and school attendance. Among white youth, the negative effect of fathers' job loss was limited to youths' locus of control, although this effect was not substantively important. Mothers' job loss showed very few negative effects. The effects of fathers' job loss were not explained by contemporaneous changes in parental monitoring or involvement. Results suggested that effects were more detrimental among families of lower socioeconomic status. (Contains 36 references and 6 tables.) (SM)