Category Archives: Economics

African America’s August 2020 Jobs Report – 13.0%


African American Unemployment Rate %

OVERALL UNEMPLOYMENT: 8.4% (10.2%)

AFRICAN AMERICAN: 13.0% (14.6%)

LATINO AMERICAN: 10.5% (12.9%)

EUROPEAN AMERICAN: 7.3% (9.2%)

ASIAN AMERICAN: 10.7% (12.0%)

Previous month in parentheses.

Analysis: All groups saw drops in their unemployment rates, led by Latino America’s 240 basis point decrease. African Americans had second smallest decrease, with unemployment dropping 160 basis points.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 13.2% (15.2%)

AFRICAN AMERICAN WOMEN: 12.0% (13.5%)

AFRICAN AMERICAN TEENAGE: 24.6% (22.5%)

 

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 65.9% (65.6%)

AFRICAN AMERICAN WOMEN: 60.2% (60.2%)

AFRICAN AMERICAN TEENAGE: 29.0% (29.4%)

Analysis: African American Men and Women saw declines in their unemployment rate, rates while African American Teenagers saw an uptick in their unemployment rate by 210 basis points. Participation rates for Men improved marginally, Women saw no improvement, and African American Teenagers saw a second straight month of decline with a 40 basis points decline in August.

African American Men-Women Job Gap: African American women currently have 898,000 more jobs than African American men in August. This is a decrease from 958,000 in July.

CONCLUSION: The overall economy added 1.371 million jobs in August. African America added 367,000 jobs in July or 26.8 percent of the overall jobs. From Yahoo Finance, “The US economy added back a greater than expected number of payrolls in August and the unemployment rate improved by a larger than anticipated margin, as employers continued to bring back workers as virus-related business disruptions abated. Still, the pace of payroll gains slowed relative to recent months. A rise in temporary hiring for the 2020 Census helped boost non-farm payrolls in August, with government jobs jumping by 344,000 month-on-month, including a gain of 238,000 directly due to Census hiring. But in the private sector, nearly ever major industry group in both services and manufacturing added payrolls on net as well.”

African America’s July 2020 Jobs Report – 14.6%


African American Unemployment Rate %

OVERALL UNEMPLOYMENT: 10.2% (11.1%)

AFRICAN AMERICAN: 14.6% (15.4%)

LATINO AMERICAN: 12.9% (14.5%)

EUROPEAN AMERICAN: 9.2% (10.1%)

ASIAN AMERICAN: 12.0% (13.8%)

Previous month in parentheses.

Analysis: All groups saw drops in their unemployment rates, led by Asian America’s 180 basis point decrease. African Americans had the smallest decrease, with unemployment dropping only 80 basis points.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 15.2% (16.3%)

AFRICAN AMERICAN WOMEN: 13.5% (14.0%)

AFRICAN AMERICAN TEENAGE: 22.5% (23.2%)

 

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 65.6% (65.2%)

AFRICAN AMERICAN WOMEN: 60.2% (60.0%)

AFRICAN AMERICAN TEENAGE: 29.4% (30.4%)

Analysis: All groups saw declines in their unemployment rate, led by African American men who had a 110 basis point decline and women have the smallest decline of the three groups with only a 50 basis point decline. Participation rates for both men and women increased marginally, but African American Teenagers saw a 100 basis point decline.

African American Men-Women Job Gap: African American women currently have 958,000 more jobs than African American men in June. This is a decrease from 1,023,000 in June.

CONCLUSION: The overall economy added 1.763 million jobs in July. African America added 234,000 in July or 13.3 percent of the overall jobs. From Yahoo Finance, “The services sector again led non-farm payroll gains in July, after the services economy was cut deeply by shelter in place orders and business closures earlier on this year. The leisure and hospitality industry added back 592,000 jobs after gaining nearly 2 million in June, and retail trade jobs increased by 258,000 in July after a rise of more than 800,000 during the prior month. Within services, information-related industries were the only group to shed jobs on net in July, losing 15,000. Within the goods-producing sector, mining and logging jobs fell by 7,000. Government jobs rose by 301,000 in July, after an increase of 54,000 in June.”

African America’s June 2020 Jobs Report – 15.4%


African American Unemployment Rate %

OVERALL UNEMPLOYMENT: 11.1% (13.3%)

AFRICAN AMERICAN: 15.4% (16.8%)

LATINO AMERICAN: 14.5% (17.6%)

EUROPEAN AMERICAN: 10.1% (12.4%)

ASIAN AMERICAN: 13.8% (15.0%)

Previous month in parentheses.

Analysis: Every group saw a significant decline in their unemployment rate with Latino Americans having the biggest decline of 310 basis points. Asian Americans had the smallest decline with 120 basis points.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

AFRICAN AMERICAN MEN: 16.3% (15.5%)

AFRICAN AMERICAN WOMEN: 14.0% (16.5%)

AFRICAN AMERICAN TEENAGE: 23.2% (34.9%)

 

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

AFRICAN AMERICAN MEN: 65.2% (63.9%)

AFRICAN AMERICAN WOMEN: 60.0% (59.9%)

AFRICAN AMERICAN TEENAGE: 30.4% (32.7%)

 

Analysis: African American Women had a significant change in their unemployment rate with a 250 basis point drop in their unemployment rate with a negligible change in their participation rate. African American Men saw a 80 basis point increase in their unemployment rate, but also experienced a significant 130 basis point increase in their participation rate. African American Teenagers always the most volatile group historically saw their unemployment rate drop by a staggering 1,170 basis points, but it seems like it woas  also saw their participation rate rise by 750 basis points on the back of a strong 110,000 jobs added in May.

African American Men-Women Job Gap: African American women currently have 1,023,000 more jobs than African American men in June. This is a increase from 843,000 in May.

CONCLUSION: Wall Street continues on a unprecedented tear and Main Street is building an economic mansion, but unsure whether they are on solid dirt of loose sand – maybe even quicksand. The economy added a jaw dropping 4.8 million job in the month of June, African Americans managed to add 404,000 jobs or 8.4 percent of the job total after comprising 11.3 percent in May. The Main Street economy, where the majority of African America’s financial reality resides is still waiting to see what the Federal government will do when it comes to unemployment benefits and other fiscal stimulus. If the Republicans allow the benefits to lapse believing the economy is truly roaring back on its own versus being propped up it could be as disastrous as the states who opened up prematurely and are now facing an uphill battle to constrain the virus again. Banks have offered extensions on mortgage relief for another three months so that may ease some of the pain along with allowing the amounts to be added onto the back end of the mortgage which had been a huge concern among many. This has provided an indirect stimulus to many households, but very little to African Americans who are the lowest home ownership group.

African America currently needs 862,000 jobs to match America’s unemployment rate.

African America’s May 2020 Jobs Report – 16.8%


African American Unemployment Rate %

Overall unemployment: 13.3% (14.7%)

African American: 16.8% (16.7%)

Latino American: 17.6% (18.9%)

European American: 12.4% (14.2%)

Asian American: 15.0% (14.5%)

Previous month in parentheses.

Analysis: Overall unemployment dropped by 140 basis points. African American unemployment rate change was negligible. Latino and European Americans both saw considerable decreases in their unemployment rate. Asian America saw the only significant increase of 50 basis points.

AFRICAN AMERICAN UNEMPLOYMENT RATE BY GENDER & AGE

African American Men: 15.5% (16.1%)

African American women: 16.5% (16.4%)

African American Teenage: 34.9% (28.0%)

 

AFRICAN AMERICAN PARTICIPATION BY GENDER & AGE

African American Men: 63.9% (63.4%)

African American women: 59.9% (59.4%)

African American Teenage: 32.7% (25.2%)

 

Analysis: African American Women saw little change in their unemployment, but did see a 50 basis point increase in participation rate as they added 75,000 jobs in May. African American Men saw a 60 basis point decrease in their unemployment rate and like African American Women saw a 50 basis point increase in their participation rate with 135,000 jobs in May. African American Teenagers always the most volatile group historically saw their unemployment rate rise by 690 basis points, but also saw their participation rate rise by 750 basis points on the back of a strong 110,000 jobs added in May.

African American Men-Women Job Gap: African American women currently have 843,000 more jobs than African American men in May. This is a decrease from 903,000 in April.

CONCLUSION: With the Wall Street roaring back, many would presume this to be a huge boom for Main Street. Unfortunately, despite the economy seeing a 2.5 million job increase in the month of May, African Americans managed to add 283,000 jobs or just 11.3 percent of the job total. The Main Street economy, where the majority of African America’s financial reality resides is on very shaky ground. Few economist believe that the economy which has been on lock down due to the pandemic could, would, or will bounce back quickly. For many, it feels like more illusion. Half of all Americans do not have enough savings for a $400 emergency, let alone a pandemic that forced many to sit home with no pay aside from the White House’s $1,200 stimulus, which may see a round two as the president hopes to be in citizens favor closer to election. There is also massive social unrest as well gripping the country, but Wall Street has decided the effects are minimal on the economic engine. We shall see.

African America currently needs 693,000 jobs to match America’s unemployment rate.

 

Fastest Growing & Highest Paying Jobs By Bachelors, Masters, & PhD/Professional


Despite the ongoing student loan crisis at the moment, the statistics of jobs that pay well still demand a college degree. Now, where a college degree comes from, what the economy of your geographic region leans on, and a whole host of other factors certainly play a role. Yet, despite all of this, according to the Bureau of Labor Statistics the only jobs with a median pay currently over $75,000 in 2018 and whose projected growth rate is “Much Faster Than Average” are those associated with a minimum of a bachelor’s degree or higher.

Jobs by degree classification are listed in alphabetical order:

BACHELORS

masters

doctoral or professional

In the end, college must be about our own personal growth towards what we believe is best for us. However, many students and families lack the information of the plethora of opportunities and career paths that are available to them. For African Americans this becomes especially true and results in a tendency towards low-paying career paths. A fundamental problem for a community that needs higher-earners desperately. The demand for these jobs is high and pays well. Who is to say one can not major in Art History and still become a veterinarian and build enough wealth that they can retire early and afford to teach art history in their community for free? Or open their own gallery? Building wealth early gives us opportunities later and in that vein, we hope this information provides a bit more for your educational arsenal.