The country is celebrating the 50th anniversary of Dr King’s speech and the second inauguration of of a Black President. However, for the vast majority of African-Americans, Dr. King’s dream is still far from a reality. In December Black Adult unemployment was 14% and teenage unemployment, 40.5%.
The President and Congress are struggling to find ways to reduce the large number of unemployed workers, especially among African-Americans, and to a lesser extent, Latinos. The solution is easy – provide greater support to minority businesses.
Last month, the economy created a large number of jobs, but black unemployment increased from 13.4% to 14.3%. With the presidential election over, it is time now to address the crushing burden of unemployment among blacks.
The economy continued to grind along slowly and did not show any signs of moving away from its current growth path of 1.5%, neither in an upward nor downward direction. Things not expected to change soon.
The Jobs report for July will be released Friday. The economy turned a bit more negative in July. We expect 100,000 jobs, the unemployment rate to remain the same at 8.2% and the black unemployment to increase.
For the week of June 4, 2012 a summary of key indicators shows that the economy is weakening. The pace of the weaknesses very slow, but it is rather broad. The question is whether it is temporary.
Inequality for blacks and Latinos has worsened over time. Whether measured by wealth, income or jobs, the picture is dismal. Blacks and Latinos make up 27% of the workforce and 40% of all unemployed workers.
The unemployment rate declined from 8.3% to 8.2% but only ½ as many jobs (120,000) were created in March as in previous months.
Black unemployment is 14.1% and Latino unemployment is 10.7%. One way the government can help reduce unemployment among blacks and Latinos is by promoting business development among the groups.
Today’s Labor Department Jobs Report showed that the unemployment rate in February remained constant at 8.3% and 227,000 jobs added to the labor force.