Federal Reserve Chairwoman Janet Yellen’s September 2015 Press Conference (Video)

Press release via Federal Reserve’s website and video from Chairwoman Janet Yellen’s press conference:

Information received since the Federal Open Market Committee met in July suggests that economic activity is expanding at a moderate pace. Household spending and business fixed investment have been increasing moderately, and the housing sector has improved further; however, net exports have been soft. The labor market continued to improve, with solid job gains and declining unemployment. On balance, labor market indicators show that underutilization of labor resources has diminished since early this year. Inflation has continued to run below the Committee’s longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation moved lower; survey-based measures of longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term. Nonetheless, the Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators continuing to move toward levels the Committee judges consistent with its dual mandate. The Committee continues to see the risks to the outlook for economic activity and the labor market as nearly balanced but is monitoring developments abroad. Inflation is anticipated to remain near its recent low level in the near term but the Committee expects inflation to rise gradually toward 2 percent over the medium term as the labor market improves further and the transitory effects of declines in energy and import prices dissipate. The Committee continues to monitor inflation developments closely.

To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range, the Committee will assess progress–both realized and expected–toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.

The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping the Committee’s holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.

When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.

Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley Fischer; Dennis P. Lockhart; Jerome H. Powell; Daniel K. Tarullo; and John C. Williams. Voting against the action was Jeffrey M. Lacker, who preferred to raise the target range for the federal funds rate by 25 basis points at this meeting.

September 2014 To September 2015 Average Earnings – Up 2.2 Percent

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September 2014 Average Earnings: $24.55

September 2015 Average Earnings: $25.09

Month Change: Down 0.04 Percent

Unemployment Rate By HBCU State – August 2015

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ALABAMA –  6.2% (6.2%)

ARKANSAS – 5.4% (5.6%)

CALIFORNIA – 6.1% (6.2%)

DELAWARE – 4.9% (4.7%)


FLORIDA – 5.3% (5.4%)

GEORGIA – 5.9% (6.0%)

ILLINOIS – 5.6% (5.8%)

KENTUCKY – 5.2% (5.2%)

LOUISIANA – 6.0% (6.2%)

MARYLAND – 5.1% (5.2%)

MASSACHUSETTS – 4.7% (4.7%)

MICHIGAN – 5.1% (5.3%)

MISSISSIPPI – 6.3% (6.5%)

MISSOURI –  5.6% (5.8%)

NEW YORK – 5.2% (5.4%)

NORTH CAROLINA – 5.9% (5.9%)

OHIO – 4.7% (5.0%)

OKLAHOMA – 4.6% (4.5%)

PENNSYLVANIA – 5.4% (5.4%)

SOUTH CAROLINA – 6.0% (6.4%)

TENNESSEE – 5.7% (5.7%)

TEXAS – 4.1% (4.2%)

VIRGINIA – 4.5% (4.8%)

*Previous month in parentheses.

African America’s September Jobs Report – 9.2%


Overall Unemployment: 5.1% (5.1%)

African America Unemployment: 9.2% (9.5%)

Latino America Unemployment: 6.4% (6.6%)

European America Unemployment: 4.4% (4.4%)

Asian America Unemployment: 3.6% (3.5%)

Previous month in parentheses.

Analysis: Overall unemployment went unchanged in the month of September from the previous month. African America experienced the largest decrease with a 30 basis point decline, followed by Latino America with a 20 basis point decline. European America went unchanged for the second month in a row. Asian America experienced a slight uptick of 10 basis points.

African American Male Unemployment: 8.9% (9.2%)

African American Female Unemployment: 8.0% (8.1%)

African American Teenage Unemployment: 31.5% (31.3%)

African American Male Participation: 66.9% (67.1%)

African American Female Participation: 62.1% (62.5%)

African American Teenage Participation: 28.7% (27.8%)

Previous month in parentheses.

Analysis: African American males had a 30 basis point drop in their unemployment rate and 20 basis point decline in the participation rate. African American females had 10 basis point drop in their unemployment rate and 40 basis point decline in their participation rate. African American teenagers unemployment rate increased by 20 basis points and participation rate increased by 90 basis points.

CONCLUSION: The overall economy added 142 000 jobs in September. African America added 4 000 jobs in September. African America continues to have a mixed bag of data. Number of employed are at a five month high, participation rate is at a five month low, and number of employed at a five month high. African American males have especially seen a hit of 160 basis point drop over the past five months in their participation rate. With a number of the country’s bellwether companies laying off workers ahead of a potential interest rate hike, this could see an acceleration in the unemployment increase in African America. African America currently needs 802 000 jobs to match the country’s unemployment rate.


HBCU Money™ Business Book Feature – The Educated Franchisee: The How-To Book for Choosing a Winning Franchise


The Educated Franchisee will show you:

-How owning a franchise can create wealth

-Where to find quality franchisors

-What qualities franchisors look for

-How to gather information from franchisees

-How to make sure the franchise makes money

-How to confidently select the best franchise

-The five keys to success in owning a franchise

HBCU Money™ Dozen 9/28 – 10/2


Did you miss HBCU Money™ Dozen via Twitter? No worry. We are now putting them on the site for you to visit at your leisure. We have made some changes here at HBCU Money™ Dozen. We are now solely focused on research and central bank articles from the previous week.


Research shows that farm to school works! l USDA http://ow.ly/STUDO

Does security awareness training even work? l CIOonline http://ow.ly/SU5Jt

The physics of the peloton: How slow cyclists gain advantage from schooling like fish l New Scientist http://ow.ly/STNLc

Have a new #NOAA Weather Radio? Find the SAME codes needed to program your radio here l NOAA http://1.usa.gov/1x9E9Df

Can technology help rewire the brain to prevent memory loss? l Wired http://wrd.cm/1heEPqc

Just what is a smart city? l Computerworld http://ow.ly/SU6GX

Federal Reserve, Central Banks, & Financial Departments

Can banks avoid regulation by borrowing from abroad? l World Economic Forum http://wef.ch/1RhJ1Tk

Starbucks offers interest-free loans to help employees pay rent l Housing Wire http://bit.ly/1O6cbEO

The traits you need to lead a company through a #recession l World Economic Forum http://wef.ch/1RdBFQt

How do savings & deferred spending relate to #interestrates & #inflation? l SF Fed http://bit.ly/1sTzPsi

The role of inflation on consumer spending l St. Louis Fed http://bit.ly/1P7y4Eq

How income affects life expectancy l World Economic Forum http://wef.ch/1FFjzFN

Thank you as always for joining us on Saturday for HBCU Money™ Dozen. The 12 most important research and finance articles of the week.

The HBCU Money™ Weekly Market Watch

Our Money Matters /\ October 2, 2015

A weekly snapshot of African American owned public companies and HBCU Money™ tracked African stock exchanges.


African American Publicly Traded Companies

Citizens Bancshares Georgia (CZBS) $9.10 (0.00% UNCH)

M&F Bancorp (MFBP) $3.74 (0.00% UNCH)

Radio One (ROIA) $2.31 (5.97% UP)

African Stock Exchanges

Bourse Regionale des Valeurs Mobilieres (BRVM)  301.70 (0.83% UP)

Botswana Stock Exchange (BSE)  10 626.12 (0.02% UP)

Ghana Stock Exchange (GSE)  1 999.92 (11.55% DN)*

Nairobi Stock Exchange (NSE)  143.16 (N/A)

Johannesburg Stock Exchange (JSE) 50 955.89 (0.87% UP)

International Stock Exchanges

New York Stock Exchange (NYSE) 9 874.34 (0.54% UP)

London Stock Exchange (LSE)  3 370.66 (0.79% UP)

Tokyo Stock Exchange (TOPIX)  1 444.92 (0.15% UP)


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