Monthly Archives: August 2024

HBCU Money™ Histronomics: New Mexico’s 1st African American Town Was Founded By An HBCU Couple In 1903

“Up, you mighty race, accomplish what you will.” – Marcus Garvey

“Frank attended Morehouse College and Fisk University. While in school he learned about homesteading and its requirements. While working as a teacher in Georgia, he married Ella Louise McGruder. Ella was also a well-educated teacher, a graduate from the Haines Institute.

After he was threatened by the Ku Klux Klan, Frank’s father encouraged him to move West. Frank’s father was a Buffalo Soldier during the Mexican-American War. As a child he heard stories about New Mexico from his father. Boyer and two of his students traveled to New Mexico Territory in 1896. He arrived in the Pecos River Valley in 1898 near the community of Roswell, where he worked in the courts. In 1901 Ella and their four children joined him in New Mexico.” – National Park Service

New Mexico jointed the United States as the 47th state in the United States on January 6, 1912. It is currently home to approximately 2.1 million people with almost 40,000 African Americans across the state’s population. In 1999, the state established the Office of African American Affairs that has been tasked with assisting the interests of the state’s African American population. Blackdom’s legacy is still profound among the residents of the state and still signifies the power of building institutions and community that look to empower people of African descent. New Mexico PBS in 2010 produced a documentary detailing the story of a time not so long ago and the impact it still carries today. The story of how an HBCU couple changed the landscape of the Southwest forever and added to the rich history of African Americans place throughout.

African America’s July 2024 Jobs Report – 6.3%

OVERALL UNEMPLOYMENT: 4.3%

AFRICAN AMERICA: 6.3%

LATINO AMERICA: 5.3%

EUROPEAN AMERICA: 3.8%

ASIAN AMERICA: 3.7%

Analysis: European Americans unemployment rate rose 30 basis points in their unemployment rate. Asian Americans decreased 40 basis points and Latino Americans similarly increased 40 basis points from July, respectively. African Americans for a second straight month had no change in their unemployment rate.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 6.6%

AFRICAN AMERICAN WOMEN: 5.5% 

AFRICAN AMERICAN TEENAGERS: 13.1%

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 69.7%

AFRICAN AMERICAN WOMEN: 63.0%

AFRICAN AMERICAN TEENAGERS: 27.6%

Analysis: African American Men saw an increase in their unemployment rate by 50 basis points and African American Women decreased by 20 basis points. African American Men increased their participation rate in July by 60 basis points. African American Women decreased in their participation rate in July by 70 basis points. African American Teenagers unemployment rate decreased by a volatile 380 basis points. African American Teenagers saw their participation rate decrease by 170 basis points in July, they are now at their lowest participation rate in the past five months for the second straight month.

African American Men-Women Job Gap: African American Women currently have 747,000 more jobs than African American Men in July. This is an increase from 646,000 in June.

CONCLUSION: The overall economy added 114,000 jobs in July while African America added 169,000 jobs. In a rarity, African America added more jobs than the overall economy meaning other groups took losses. From Barrons, “Government data on Friday showed a smaller-than-expected gain of 114,000 nonfarm payrolls last month, as the unemployment rate ticked up to 4.3%—a nearly three-year high. The figure likely puts more pressure on the Federal Reserve: The central bank has kept interest rates elevated to bring down inflation, but also must manage the other side of its dual mandate, which is to pursue maximum employment.”