Author Archives: hbcumoney

Unemployment Rate By HBCU State – October 2015

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STATES WITH RISING UNEMPLOYMENT: 3

STATES WITH DECLINING UNEMPLOYMENT: 17

STATES WITH UNCHANGED UNEMPLOYMENT: 4

LOWEST: VIRGINIA – 4.2%

HIGHEST – DISTRICT OF COLUMBIA – 6.6%

STATE – UNEMPLOYMENT RATE (PREVIOUS)*

ALABAMA –  5.9% (6.0%)

ARKANSAS – 5.1% (5.2%)

CALIFORNIA – 5.8% (5.9%)

DELAWARE – 5.1% (4.9%)

DISTRICT OF COLUMBIA – 6.6% (6.7%)

FLORIDA – 5.1% (5.2%)

GEORGIA – 5.7% (5.8%)

ILLINOIS – 5.4% (5.4%)

KENTUCKY – 4.9% (5.0%)

LOUISIANA – 6.2% (6.0%)

MARYLAND – 5.1% (5.1%)

MASSACHUSETTS – 4.6% (4.6%)

MICHIGAN – 5.0% (5.0%)

MISSISSIPPI – 5.9% (6.1%)

MISSOURI –  5.0% (5.3%)

NEW YORK – 4.8% (5.1%)

NORTH CAROLINA – 5.7% (5.8%)

OHIO – 4.4% (4.5%)

OKLAHOMA – 4.3% (4.4%)

PENNSYLVANIA – 5.1% (5.3%)

SOUTH CAROLINA – 5.6% (5.7%)

TENNESSEE – 5.6% (5.7%)

TEXAS – 4.4% (4.2%)

VIRGINIA – 4.2% (4.3%)

*Previous month in parentheses.

The HBCUpreneur Corner™ – Prairie View A&M University’s Marcus King & Hardly Home

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Name: Marcus Lamont King

Alma Mater: Prairie View A&M University – Mechanical Engineering B.S.

Business Name & Description: Hardly Home, LLC. The coolest travel blog, brand and booking agency there is.

What year did you found your company? May 2013

What has been the most exciting and/or fearful moment during your HBCUpreneur career? The most exciting part of my HBCUpreneur career has been watching the growth of my idea and seeing pictures of people traveling all over the world wearing apparel I’ve created. The support I’ve received from all over has truly been amazing.

What made you want to start your own company? I dreamt I was on vacation in Jamaica and woke up to an alarm and the reality that is was 5am on a Monday morning and time for me to get ready to go to work.

Do you have a favorite travel memory from childhood? Surely exploring Cancun with my brother and parents while on vacation when I was just 5 or 6 years old. It was a blessing to experience a different culture at such a young age and see with my own eyes how beautiful another part of the world is.

Who was the most influential person/people for you during your time in college? All my friends are people I look up to and have to say they were the most influential people for me during my time in college. They’ve taught me much about myself and are a big part of my success today.

How do you handle complex problems? I always always always, take a step back and look at the big picture to understand what the problem is at its root. I’ve found there’s often many solutions to a problem and it helps for me to start at a point where I can simplify it in logical terms and attack it from there one step at a time.

What is something you wish you had known prior to starting your company? I wish I had known earlier in life that I would eventually become an entrepreneur and business owner. I feel as though my whole life I was taught to go to school, make good grades and get a good job. Well, I did that and found I would much rather be the master of my own destiny choosing with how and where and with whom I spend my time, perhaps what I consider my most valuable resource.

Having had this mindset at an earlier age, I would have read and studied more the fields it takes to run a business, such as accounting, marketing, taxes etc.

Only 28 percent of Americans have a passport and the number drops even more significantly among African Americans. How would you spur more passport acquisition by African Americans? It starts by raising awareness in our community, the world that exist at our footsteps and how important and beneficial travel is to one’s own personal development. Many travelers I’ve met have often expressed how much travel has changed their lives for the better and taught them things they could never learn in a classroom.

There is an underuse of America’s national parks by African Americans. Two of the primary attributes to this according to the New York Times is that there is very little African American presence among national park employees and therefore creates a hesitation by African American families engaging and little familiarity with the parks themselves. Aside from those, do you believe there are other reasons our families do not engage the outdoors and national parks specifically? I have to suggest exposure and economic equality as the leading causes for the underuse of America’s national parks by African Americans. Unfortunately, there are also a large number of us who have been raised in broken homes mostly by single hard working mothers in inner cities. I believe it takes a certain level of grit to explore the outdoors and with today’s modern society I don’t believe many of us are raised in environments where we can take advantage of the American outdoors.

There are a lot of different aspects to travel. What are some areas of the travel industry that HBCU students and alumni should be focused on as moving forward that will present opportunity in your opinion?In hindsight I wish I could have had the opportunity to live and study abroad and learn a different language. As a young black male born and raised in the states, it hurts to watch the news and see the systematic injustice continually being done to my people.. I would encourage others to travel internationally and not live inside this box that is America.   Now more than ever, with the internet, we can connect with people at a moment’s instance, clear across the world. The globe is full of opportunity and there are more places to make a living than in the U.S. Get your passports and consider life as an expatriate.

What do you believe HBCUs can do to spur more innovation and entrepreneurship while their students are in school either as undergraduate or graduate students? As mentioned prior, I feel as though I was taught such that obtaining a good job was the end all be all goal. Today, I feel that couldn’t be more false. It would be nice to see professors teach from a perspective that students can take the knowledge they gain in their classrooms and apply it in an entrepreneurial sense.

I believe the lack of black businesses in America is the leading cause for economic disadvantage in our communities and it would be nice to see HBCU’s address this idea in their curriculum.

How do you deal with rejection? Rejection really just adds fuel to my fire and motivates me to keep pushing. You could make a case my self-confidence is through the roof, there isn’t much that I feel I can’t do and so when I’m rejected I instantly mark it as a loss for the person doing the rejecting. I’ve a long list of rejecters and non-supporters I go hard for every single day.

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When you have down time how do you like to spend it? Friends and family without a doubt, I love getting together, playing sports, eating, laughing, dancing and having a good time.

What was your most memorable HBCU memory? PV Homecoming without a doubt is the most highly anticipated and epic event I look forward to every year. Outstanding memories, although some blurry, have been made year after year since I began attending Prairie View in 2006. Everyone should attend a PV Homecoming, no questions about it.

In leaving is there any advice you have for budding HBCUpreneurs? Do good and be great! Keep God first, follow your passion and don’t ever give up! Read or listen to the audible version of “Think and Grow Rich” by Napoleon Hill. Let’s also put to rest the notion we do not provide good customer service by providing excellent customer service and make sure you visit HardlyHome.com for all your travel needs.

Peace and Blessings!

African America’s November Jobs Report – 9.4%

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Overall Unemployment: 5.0% (5.0%)

African America Unemployment: 9.4% (9.2%)

Latino America Unemployment: 6.4% (6.3%)

European America Unemployment: 4.3% (4.4%)

Asian America Unemployment: 3.9% (3.5%)

Previous month in parentheses.

Analysis: Overall unemployment went unchanged in the month of November from the previous month. All groups saw rises in their unemployment rates, except European America who saw a 10 basis point decline.

African American Male Unemployment: 9.9% (9.2%)

African American Female Unemployment: 8.0% (8.1%)

African American Teenage Unemployment: 23.7% (25.6%)

African American Male Participation: 66.7% (67.0%)

African American Female Participation: 62.8% (62.5%)

African American Teenage Participation: 27.4% (27.0%)

Previous month in parentheses.

Analysis:African American males had a 70 basis point increase in their unemployment rate and a 30 basis point decrease in their participation rate. African American females had a 10 basis point decrease in their unemployment rate and a 30 basis point increase in their participation rate. African American teenagers  unemployment rate declined 190 basis points and participation rate experienced an increase of 40 basis points.

CONCLUSION: The overall economy added 211 000 jobs in November. African America added a mere 11 000 jobs in November. The African American labor force is at a five month high, but this is more likely due to confidence in seasonal hiring. The participation rate over the past five months remains virtually unchanged meaning that African America’s employment situation is basically doggy paddling in the middle of the economic ocean. Just how much optimism can be put into this current economy with the Federal Reserve set to raise rates for the first time in a decade and uncertainty of how companies will respond is tough to get a pulse on. Many believe the more expensive debt even by only 25 basis points could squeeze the public sector where African America is overly concentrated in employment. The economy’s response to the rate hike could say a lot for the coming year as it relates to African American employment for better or worse. African American needs an increase of 756 000 jobs to match the country’s unemployment rate. A decrease of 61 000 from October’s number.

HBCU Money™ Business Book Feature – The Autobiography of an African American Lawyer in Early Oklahoma

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From Library Journal

Historian Franklin (chair of Bill Clinton’s Initiative of Race and Reconciliation advisory board and a recipient of the Presidential Medal of Freedom) has edited and assembled the autobiography of his late father, Buck Colbert Franklin (1879-1960), who “represented many layers of the human experience?freedman and Native American, farmer and rancher, rural educator and urban professional.” The elder Franklin meticulously reports the daily observances from his youth in the Indian Territory to his practice of law in Tulsa, Oklahoma. The kaleidoscope of approaches and life experiences reflect the many changes, cultural and political, that the indomitable Franklin witnessed throughout his lifetime. Buck Franklin’s ability to understand the complex and appreciate the simple aspects of existence mesmerizes the reader and brings the realities of slavery, poverty, and racial tensions to us in a firsthand account. The anecdotal details in another’s hand might become tiresome, but Franklin’s account holds one’s attention and strongly communicates the honor and stalwartness of his family. For public and academic libraries.?Kay Meredith Dusheck, Animosa, Iowa
Copyright 1998 Reed Business Information, Inc.

About the Author

John Hope Franklin is the fourth child of Buck and Mollie Parker Franklin. The recipient of over one hundred honorary degrees, he is the author of From Slavery to Freedom: A History of African Americans and Race and History: Selected Essays, 1938–1988, among other works. Franklin is James B. Duke Professor of History Emeritus at Duke University.

John Whittington Franklin is the son of John Hope Franklin. He is a program manager for the Center for Folklife and Cultural Heritage at the Smithsonian Institution.

HBCU Money™ Dozen 11/30 – 12/4

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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

Google announces massive clean energy purchase l Computerworld http://bit.ly/1lZZZvs

One in four #food-insecure households visited food pantries in 2014 l USDA http://go.usa.gov/c2X3x

Is quantum physics behind your brain’s ability to think? l New Scientist http://ow.ly/Vrf3e

Canada’s boreal region is home to >1 billion acres of pristine forests & wetlands l Pew Environment http://pew.org/1XciwFi

Big data and the future of healthcare l Computerworld http://bit.ly/1jBmd52

The first effort to edit genes inside the human body will be to treat haemophilia l New Scientist http://ow.ly/VrWZ1

Federal Reserve, Central Banks, & Financial Departments

Which are the world’s healthiest countries? l WEF http://wef.ch/1YxE1xK

Why The #Holidays Make Us Dumb About #Spending l FA Mag http://ow.ly/VrY3d

Small banks facing ‘regulatory overload,’ l American Banker bit.ly/1Nsjna9

Beige Book: Wage pressures were generally stable to increasing l St. Louis Fed http://bit.ly/1HGETw0

Are your financial records ready in case of an emergency? Disaster preparedness resources l KC Fed http://ow.ly/VkBmP

Is there an optimal workday? l WEF http://wef.ch/1HHZIXV

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