Category Archives: Economics

Unemployment Rate By HBCU State – July 2016

Posted on September 6, 2016 by | Leave a comment

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STATES WITH RISING UNEMPLOYMENT: 9

STATES WITH DECLINING UNEMPLOYMENT: 10

STATES WITH UNCHANGED UNEMPLOYMENT: 5

LOWEST: VIRGINIA – 3.7%

HIGHEST – LOUISIANA – 6.3%

STATE – UNEMPLOYMENT RATE (PREVIOUS)*

ALABAMA –  5.7% (6.0%)

ARKANSAS – 3.9% (3.8%)

CALIFORNIA – 5.5% (5.4%)

DELAWARE – 4.3% (4.2%)

DISTRICT OF COLUMBIA – 5.9% (6.0%)

FLORIDA – 4.7% (4.7%)

GEORGIA – 5.0% (5.1%)

ILLINOIS – 5.8% (6.2%)

KENTUCKY – 4.9% (5.0%)

LOUISIANA – 6.3% (6.2%)

MARYLAND – 4.3% (4.3%)

MASSACHUSETTS – 4.1% (4.2%)

MICHIGAN – 4.5% (4.6%)

MISSISSIPPI – 6.0% (5.9%)

MISSOURI –  4.7% (4.5%)

NEW YORK – 4.7% (4.7%)

NORTH CAROLINA – 4.7% (4.9%)

OHIO – 4.8% (5.0%)

OKLAHOMA – 5.0% (4.8%)

PENNSYLVANIA – 5.6% (5.6%)

SOUTH CAROLINA – 5.2% (5.4%)

TENNESSEE – 4.3% (4.1%)

TEXAS – 4.6% (4.5%)

VIRGINIA – 3.7% (3.7%)

*Previous month in parentheses.

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African America’s August Jobs Report – 8.1%

Posted on September 5, 2016 by | Leave a comment

jobs

Overall Unemployment: 4.9% (4.9%)

African America Unemployment: 8.1% (8.4%)

Latino America Unemployment: 5.6% (5.4%)

European America Unemployment: 4.4% (4.3%)

Asian America Unemployment: 4.2% (3.8%)

Previous month in parentheses.

Analysis: Overall unemployment was unchanged. All groups except African America saw a rise in their unemployment rate, who saw a 30 basis point decline in their unemployment rate. Asian, European, and Latino America saw rises of 40, 10, and 20 basis points, respectively.

African American Male Unemployment: 7.6% (8.2%)

African American Female Unemployment: 7.1% (7.3%)

African American Teenage Unemployment: 26.1% (25.7%)

African American Male Participation: 67.3% (67.7%)

African American Female Participation: 62.2% (61.0%)

African American Teenage Participation: 31.6% (27.7%)

Analysis: African American men saw a 60 basis point decline in their unemployment, but also saw a 40 basis point decline in their participation rate. African American women saw a 20 basis point decline in their unemployment rate, but a 120 basis point increase in their participation rate. African American teenagers saw 40 basis point increase in their unemployment rate, but a 390 basis point increase in their participation rate.

CONCLUSION:The overall economy added 151 000 jobs in August. A significant drop the 255 000 in July. However, African America added an unprecedented 280 000 jobs in August after only 31 000 jobs in July. This marks only the second time since HBCU Money started reporting the African American Jobs Report that African America’s job growth has outpaced overall America. The overall jobs though did come in less than estimates of 180 000, which has many questioning whether or not the Federal Reserve and Chairwoman Janet Yellen will actually raise rates or continue to kick the can down the road.

African America currently needs 634 000 jobs to match America’s unemployment rate. A decrease of 46 000 from July.

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Federal Reserve’s 2015 Economic Household Well Being Report

Posted on August 22, 2016 by | Leave a comment

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KEY FINDINGS

  • Sixty-nine percent of adults report that they are either “living comfortably” or “doing okay,” compared to 65 percent in 2014 and 62 percent in 2013. However, 31 percent, or approximately 76 million adults, are either “struggling to get by” or are “just getting by.”
  • Thirty-two percent of adults report that their income varies to some degree from month to month, and 43 percent report that their monthly expenses vary to some degree. Forty-two percent of those with volatile incomes or expenses say that they have struggled to pay their bills at times because of this volatility.
  • Forty-six percent of adults say they either could not cover an emergency expense costing $400, or would cover it by selling something or borrowing money (47 percent in 2014).
  • Twenty-one percent of those who borrowed to attend a for-profit institution are behind on their loan payments. Among those who borrowed to attend a public or not-for-profit institution, 7 percent and 5 percent are behind on their payments, respectively.
  • Thirty-one percent of non-retired respondents report that they have no retirement savings or pen- 2 Economic Well-Being of U.S. Households, 2015 sion at all, including 27 percent of non-retired respondents age 60 or older.

FULL REPORT CLICK HERE.

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Unemployment Rate By HBCU State – June 2016

Posted on August 15, 2016 by | Leave a comment

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STATES WITH RISING UNEMPLOYMENT: 7

STATES WITH DECLINING UNEMPLOYMENT: 12

STATES WITH UNCHANGED UNEMPLOYMENT: 5

LOWEST: VIRGINIA – 3.7%

HIGHEST – ILLINOIS & LOUISIANA – 6.2%

STATE – UNEMPLOYMENT RATE (PREVIOUS)*

ALABAMA –  6.0% (6.1%)

ARKANSAS – 3.8% (3.8%)

CALIFORNIA – 5.4% (5.2%)

DELAWARE – 4.2% (4.1%)

DISTRICT OF COLUMBIA – 6.0% (6.1%)

FLORIDA – 4.7% (4.7%)

GEORGIA – 5.1% (5.3%)

ILLINOIS – 6.2% (6.4%)

KENTUCKY – 5.0% (5.1%)

LOUISIANA – 6.2% (6.3%)

MARYLAND – 4.3% (4.5%)

MASSACHUSETTS – 4.2% (4.2%)

MICHIGAN – 4.6% (4.7%)

MISSISSIPPI – 5.9% (5.8%)

MISSOURI –  4.5% (4.3%)

NEW YORK – 4.7% (4.7%)

NORTH CAROLINA – 4.9% (5.1%)

OHIO – 5.0% (5.1%)

OKLAHOMA – 4.8% (4.7%)

PENNSYLVANIA – 5.6% (5.5%)

SOUTH CAROLINA – 5.4% (5.6%)

TENNESSEE – 4.1% (4.1%)

TEXAS – 4.5% (4.4%)

VIRGINIA – 3.7% (3.8%)

*Previous month in parentheses.

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African America’s July Jobs Report – 8.4%

Posted on August 8, 2016 by | Leave a comment

jobs

Overall Unemployment: 4.9% (4.9%)

African America Unemployment: 8.4% (8.6%)

Latino America Unemployment: 5.4% (5.8%)

European America Unemployment: 4.3% (4.4%)

Asian America Unemployment: 3.8% (3.5%)

Previous month in parentheses.

Analysis: Overall unemployment was unchanged. All groups except Asian America saw a decline in their unemployment rate, who saw a 30 basis point increase in their unemployment rate. Latino America led the way with the largest decrease of 40 basis points, followed by African America’s 20 basis points, and lastly, European America’s 10 basis points.

African American Male Unemployment: 8.2% (8.2%)

African American Female Unemployment: 7.3% (7.3%)

African American Teenage Unemployment: 25.7% (31.2%)

African American Male Participation: 67.7% (67.8%)

African American Female Participation: 61.0% (60.9%)

African American Teenage Participation: 27.7% (29.2%)

Analysis: African American men unemployment rate was unchanged, with 10 basis point decrease in their participation rate. African American women unemployment rate was also unchanged, but a 10 basis point increase in their participation rate. African American teenagers had an decrease of 550 basis points in their unemployment rate, but had a worrisome 150 basis point decrease in their participation rate.

CONCLUSION: The overall economy added 255 000 jobs in July. African America added only 31 000 jobs in July, a decline from June’s AAJR of 32 000. Again, two straight months of anemic jobs growth for African America after adding 122 000 jobs in May. However, these figures are in line with traditional jobs growth for African America, while May was an anomaly. If there is a current silver lining for African America, it is our banking industry. With an explosion in new deposits and demand for even more new deposits, African American owned banks and credit unions could see a need to increase employment to handle the new demand. That is the short term optimism, while the long term gain could be in new lending for African American small businesses.

African America currently needs 680 000 jobs to match America’s unemployment rate.

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