Business

Biden Celebrates Robust Job Market in Spite of Higher Unemployment Rate Among Blacks

America’s employers added 311,000 jobs last month, surpassing the 208,000 experts predicted. Further, the last two years saw more jobs created since 1940, a sign that the country has recovered soundly from the COVID-19 recession. In January, employers added 504,000 jobs, and then 300,000+ last month, robust gains that pointed to high demand for labor. However, despite the solid report, the African American job market remained problematic.

Published

3 years ago

March 20, 2023

Oakland Post

According to the U.S. Bureau of Labor Statistics, the overall unemployment rate rose to 3.6% in February from 3.4% the prior month. Women over 20 saw an unemployment rate slightly rise to 3.2% from 3.1%. Unemployment rates for Black women climbed to 5.1% from 4.7%. Among Hispanic women, it jumped to 4.8% from 4.4%. The Black unemployment rate peaked at 5.7%, up from 5.4% in January. But, President Biden said he was excited about overall progress.

By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

America’s employers added 311,000 jobs last month, surpassing the 208,000 experts predicted.

Further, the last two years saw more jobs created since 1940, a sign that the country has recovered soundly from the COVID-19 recession.

In January, employers added 504,000 jobs, and then 300,000+ last month, robust gains that pointed to high demand for labor.

However, despite the solid report, the African American job market remained problematic.

According to the U.S. Bureau of Labor Statistics, the overall unemployment rate rose to 3.6% in February from 3.4% the prior month.

Women over 20 saw an unemployment rate slightly rise to 3.2% from 3.1%.

Unemployment rates for Black women climbed to 5.1% from 4.7%.

Among Hispanic women, it jumped to 4.8% from 4.4%.

The Black unemployment rate peaked at 5.7%, up from 5.4% in January.

But, President Biden said he was excited about overall progress.

“I’m happy to report that our economy has created over 300,000 new jobs last month, and that’s on top of a half a million jobs we added the month before,” a celebratory President Joe Biden exclaimed.

“All told, we’ve created more than 12 million jobs since I took office, nearly 800,000 of them manufacturing jobs.

“That means, overall, we’ve created more jobs in two years than any administration has created in the first four years.”

Biden said he believes his administration’s economic plan is working.

The President asserted that when he took office, the economy was reeling.

“And 18 million people were unemployed, on unemployment insurance, compared to less than 2 million today,” he stated.

“Unemployment was 6.3 percent, and the nonpartisan Congressional Budget Office predicted it wouldn’t get below 4 percent until 2026.

“Because of our economic plan, unemployment has been below 4 percent for 14 straight months since January 2022.”

In February, the unemployment rate remained near the lowest level in a half-century.

“That’s really good news. People who were staying out of the job market are now getting back into the job market,” the President noted.

“They’re coming off the sidelines. They’re getting back into the job market. And today’s job numbers are clear: Our economy is moving in the right direction.”

Biden declared that jobs are available, and Americans are working again and becoming more optimistic about the future.

He called right-wing Republicans the biggest threat to America’s economic recovery.

“The reckless talk, my MAGA friends. This is not your — as you’ve heard me say, it’s not your father’s Republican party,” Biden railed.

“But the Republicans in the United States Congress, what they want to do with regard to the debt limit. You know, they’re threatening to default on our national debt. Planning to default, as some Republicans seem to be doing, puts us much at risk.”

He continued:

“I believe we should be building on our progress, not go backward. So, I urge our extreme MAGA Republican friends in Congress to put the threats aside. Instead, join me in continuing the progress we’ve built. We’ve got a lot more to do, so let’s finish the job.”

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

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3 weeks ago

March 17, 2026

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Sponsored by JPMorganChase

As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC