Category Archives: Economics

Unemployment Rate By HBCU State – January 2017


STATES WITH RISING UNEMPLOYMENT: 12

STATES WITH DECLINING UNEMPLOYMENT: 10

STATES WITH UNCHANGED UNEMPLOYMENT: 2

LOWEST: MASSACHUSETTS – 3.2%

HIGHEST – ALABAMA – 6.4%

STATE – UNEMPLOYMENT RATE (PREVIOUS)*

ALABAMA –  6.4% (6.2%)

ARKANSAS – 3.8% (3.9%)

CALIFORNIA – 5.1% (5.2%)

DELAWARE – 4.4% (4.3%)

DISTRICT OF COLUMBIA – 5.7% (5.8%)

FLORIDA – 5.0% (4.9%)

GEORGIA – 5.5% (5.4%)

ILLINOIS – 5.7% (5.7%)

KENTUCKY – 5.0% (4.8%)

LOUISIANA – 5.9% (6.1%)

MARYLAND – 4.2% (4.2%)

MASSACHUSETTS – 3.2% (2.8%)

MICHIGAN – 5.2% (5.0%)

MISSISSIPPI – 5.5% (5.6%)

MISSOURI –  4.2% (4.4%)

NEW YORK – 4.6% (4.9%)

NORTH CAROLINA – 5.3% (5.1%)

OHIO – 5.0% (4.9%)

OKLAHOMA – 4.7% (5.0%)

PENNSYLVANIA – 5.2% (5.6%)

SOUTH CAROLINA – 4.4% (4.3%)

TENNESSEE – 5.4% (4.9%)

TEXAS – 4.8% (4.6%)

VIRGINIA – 4.0% (4.1%)

*Previous month in parentheses.

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African America’s February Jobs Report – 8.1%


Overall Unemployment: 4.8% (4.7%)

African America Unemployment: 8.1% (7.7%)

Latino America Unemployment: 5.6% (5.9%)

European America Unemployment: 4.1% (4.3%)

Asian America Unemployment: 3.4% (3.7%)

Previous month in parentheses.

Analysis: Overall unemployment went unchanged. All groups saw a decline, except for African America, with a 40 basis point increase. Asian and Latino America tied with decreases of 30 basis points.

African American Male Unemployment: 7.8% (7.3%)

African American Female Unemployment: 7.1% (6.7%)

African American Teenage Unemployment: 24.3% (26.9%)

African American Male Participation: 67.8% (68.1%)

African American Female Participation: 62.7% (62.6%)

African American Teenage Participation: 30.0% (30.4%)

Analysis: African American teenagers saw a decline by 260 basis points in their unemployment rate, while men and women saw increases. Only African American women saw a rise in their participation rate by 10 basis points, with men and teenagers seeing significant pullbacks in the area.

CONCLUSION: The overall economy added 235 000 jobs in February. A small uptick from the 227 000 in January, but well above the 190 000 estimates. This is the first jobs report of the Trump presidency and if the goal was to restore European America’s faith that this is their country, then the jobs report definitely reflects it. European Americans added a jaw dropping 429 000 jobs in February, while African America lost 67 000 jobs. A looming rate hike for March could push the economy closer to a recession even though the market seems to be barreling ahead, there is definitely signs of steam coming out in the deeper economic data.

African America currently needs 738 000 jobs to match America’s unemployment rate. An increase of 76 000 from January.

 

Unemployment Rate By HBCU State – December 2016


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STATES WITH RISING UNEMPLOYMENT: 6

STATES WITH DECLINING UNEMPLOYMENT: 12

STATES WITH UNCHANGED UNEMPLOYMENT: 6

LOWEST: MASSACHUSETTS – 2.8%

HIGHEST – ALABAMA – 6.2%

STATE – UNEMPLOYMENT RATE (PREVIOUS)*

ALABAMA –  6.2% (5.9%)

ARKANSAS – 3.9% (4.0%)

CALIFORNIA – 5.2% (5.3%)

DELAWARE – 4.3% (4.3%)

DISTRICT OF COLUMBIA – 5.8% (6.0%)

FLORIDA – 4.9% (4.9%)

GEORGIA – 5.4% (5.3%)

ILLINOIS – 5.7% (5.6%)

KENTUCKY – 4.8% (4.8%)

LOUISIANA – 6.1% (6.2%)

MARYLAND – 4.2% (4.2%)

MASSACHUSETTS – 2.8% (2.9%)

MICHIGAN – 5.0% (4.9%)

MISSISSIPPI – 5.6% (5.7%)

MISSOURI –  4.4% (4.7%)

NEW YORK – 4.9% (5.1%)

NORTH CAROLINA – 5.1% (5.0%)

OHIO – 4.9% (4.9%)

OKLAHOMA – 5.0% (5.1%)

PENNSYLVANIA – 5.6% (5.7%)

SOUTH CAROLINA – 4.3% (4.4%)

TENNESSEE – 4.9% (4.8%)

TEXAS – 4.6% (4.6%)

VIRGINIA – 4.1% (4.2%)

*Previous month in parentheses.

African America’s January Jobs Report – 7.7%


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Overall Unemployment: 4.8% (4.7%)

African America Unemployment: 7.7% (7.8%)

Latino America Unemployment: 5.9% (5.9%)

European America Unemployment: 4.3% (4.3%)

Asian America Unemployment: 3.7% (2.6%)

Previous month in parentheses.

Analysis: Overall unemployment rose 10 basis points. African America was the only decline in unemployment rate with a decrease of 10 basis points. Asian America saw the largest increase with a rise of 110 basis points European and Latino America both went unchanged.

African American Male Unemployment: 7.6% (7.3%)

African American Female Unemployment: 6.7% (6.8%)

African American Teenage Unemployment: 26.9% (25.7%)

African American Male Participation: 68.1% (67.7%)

African American Female Participation: 62.6% (62.3%)

African American Teenage Participation: 30.4% (27.6%)

Analysis: African American men saw a 30 basis point increase in their unemployment and 40 basis point increase in their participation rate. African American women saw a 10 basis point decrease in their unemployment rate and 30 basis point increase in their participation rate. African American teenagers saw a 120 basis point increase in their unemployment rate and a 280 basis point increase in their participation rate.

CONCLUSION: The overall economy added 227 000 jobs in January. A noticeable difference from the 156 000 in December. African America added a sizzling 153 000 jobs in January to begin the year. The official last jobs report for the Obama administration and the first jobs report of the Trump administration. For the Trump administration, this jobs report could largely signal how the business community feels about the incoming presidency and the momentum since the election. It appears that yes, even African America feels optimistic. A real surprise if you take the pulse of social media, but social media can often be a contradictory bubble highlighting people’s social values and not necessarily their economic needs or perceptions. In all fairness, the inertia in the fundamentals of the economy are driving much of this and regardless of who was going to be president there appears to be a bit more room to run in economic growth. A fact that could lead to a record breaking 20 million African Americans going into the labor force if the trend holds up in February.

African America currently needs 662 000 jobs to match America’s unemployment rate. An increase of 43 000 jobs from December.

Federal Reserve Chairwoman Janet Yellen’s December 2016 Press Conference (Video)


Excerpt from Federal Reserve  Press Release on December Press Conference with Chairwoman Janet Yellen:

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market conditions will strengthen somewhat further. Inflation is expected to rise to 2 percent over the medium term as the transitory effects of past declines in energy and import prices dissipate and the labor market strengthens further. Near-term risks to the economic outlook appear roughly balanced. The Committee continues to closely monitor inflation indicators and global economic and financial developments.

Full Press Conference & FOMC Statement: