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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JPMorganChase Expands San Francisco Housing Investments Under $750 Billion Initiative

OAKLAND POST — In San Francisco, JPMorganChase will provide nearly $200 million in financing for a 342-unit residential building at the Power Station development in the Dogpatch neighborhood. The firm previously financed the Sophie Maxwell Building at the site, which opened in 2025 with 105 permanently affordable apartments for middle-income residents.

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1 day ago

August 6, 2026

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JPMorganChase is expanding its housing investments in San Francisco, committing nearly $200 million to a new residential development and millions more to affordable housing projects, research and community organizations working to address the city’s housing shortage.

The San Francisco effort is part of the firm’s American Dream Initiative, through which it plans to deploy more than $750 billion nationwide through 2035 to increase housing supply and support homeownership. The commitment represents a nearly 40% increase over its housing investments during the past decade.

In San Francisco, JPMorganChase will provide nearly $200 million in financing for a 342-unit residential building at the Power Station development in the Dogpatch neighborhood. The firm previously financed the Sophie Maxwell Building at the site, which opened in 2025 with 105 permanently affordable apartments for middle-income residents.

The company also plans to invest up to $15 million in Fifth Space’s new Essential Housing Fund, which will support affordable housing development in San Francisco, including an expected 250 units in Potrero Hill.

“Too many families are struggling to make rent in San Francisco, and our administration is working every day to help them stay here. Building housing is a critical piece of that work, and we’re taking an all-hands-on-deck approach to make that happen,” said Mayor Daniel Lurie. “JPMorganChase’s investment in housing reflects their commitment to San Francisco’s future, and these projects with hundreds of new homes show what we can do when the private sector and the city come together to tackle the issues that matter to families.”

Another $6 million in grants will go to the San Francisco Housing Accelerator Fund, Community Vision Capital & Consulting, San Francisco Bay Area Planning and Urban Research Association, the Housing Action Coalition and Housing California. The firm will also support housing research by the Urban Land Institute Foundation, Terner Labs and other institutions to develop local policy recommendations.

Nationally, JPMorganChase aims to finance the construction or preservation of 1 million affordable housing units for households earning less than 120% of area median income. It also plans to help 500,000 customers, including 200,000 first-time buyers, purchase homes by increasing mortgage lending by more than 40% and hiring 850 home lending advisers.

“JPMorganChase has a decades-long history of supporting San Francisco’s housing ecosystem—working with developers, community organizations, and local government to help bring more housing to market,” said Noah Wintroub, global chair of J.P. Morgan. “Through the American Dream Initiative, we’re ready to do even more. With the right public policies in place, the firm can provide more capital for housing, scaling solutions that help expand supply and affordability.”

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Oakland Post: Week of August 5 – 11, 2026

The printed Weekly Edition of the Oakland Post: Week of August 5 – 11, 2026

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1 day ago

August 6, 2026

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Business

How Oakland’s Courtsmith is Scaling its Business and Local Impact

OAKLAND POST — “As Courtsmith grew, scaling wasn’t just about selling more—it was about building the infrastructure to deliver consistently, with a strong supply chain and production process,” said Courtney Smith, founder of Courtsmith. “We needed the right kind of capital and partners to help us expand without losing the Oakland authenticity that made us who we are.”

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6 days ago

August 1, 2026

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With support from ICA Fund and JPMorganChase, founder Courtney Smith is strengthening his supply chain, creating jobs and expanding local production, and positioning the Oakland-born brand for long-term growth

When Courtney Smith founded Courtsmith in Oakland in 2014, he was building more than an athletic apparel company. A lifelong basketball enthusiast, Smith saw an opportunity to create performance wear that reflected the culture of the game—its style, community and sense of belonging.

From the beginning, Courtsmith was rooted in the idea that basketball is not just a sport, but a lifestyle and a community. The brand set out to make athletes look and feel good on and off the court while building partnerships that give athletes a stake in the products and stories they help shape.

“As Courtsmith grew, scaling wasn’t just about selling more—it was about building the infrastructure to deliver consistently, with a strong supply chain and production process,” said Courtney Smith, founder of Courtsmith. “We needed the right kind of capital and partners to help us expand without losing the Oakland authenticity that made us who we are.”

As the company grew, Smith faced a common challenge for small businesses: maintaining quality, reliability and authenticity of products while scaling—and having the resources to do so. The next move was not simply about expansion; it was about building the infrastructure to last.

That is where ICA Fund—a Bay Area impact investor, small business support organization and long-time partner to Courtsmith—came in. ICA’s relationship with Smith began in 2017 through its Growth Strategies advising program, and over time, the organization paired mentorship, technical assistance and capital to help the company grow with intention. More recently, philanthropic support from JPMorganChase helped ICA expand the range of capital products it can offer entrepreneurs like Smith, including options designed for companies that are ready to scale but may not be a fit for traditional debt products or equity investments.

“Too many great businesses stay stuck small without access to fair and flexible capital— ICA Fund’s role is to change that,” said Allison Kelly, CEO of ICA Fund. “With support from JPMorganChase, we’re able to provide founder-friendly financing alongside long-term partnership, giving entrepreneurs the tools they need to grow stronger businesses that create opportunity in their communities.”

The right kind of capital for a new stage of growth

ICA recently provided Courtsmith with a loan to help it buy a local manufacturing business, a major step toward bringing more of its production process closer to home, strengthening its supply chain, reducing costs, continuing its growth and creating local jobs.

The transaction also marked a milestone for ICA: the first time the organization approved capital for a merger-and-acquisition transaction. It reflects a broader expansion of the financing options it offers, supported by JPMorganChase’s American Dream Initiative, which aims, in part, to help power 10 million small businesses—up from seven million today—over the next several years with the capital, coaching, tools and practical policy support they need to thrive. It’s also an example of the kind of tailored support—delivered through trusted local pathways and the firm’s own relationships—that JPMorganChase provides to small businesses in the Bay Area, including our more than 295,000 small business clients.

“Small businesses are the backbone of our economy, and Courtsmith’s story shows how access to the right capital at the right time can unlock growth,” said Gwyneth Galbraith, Vice President for Global Philanthropy at JPMorganChase. “By supporting organizations like ICA Fund, we’re helping expand access to the kinds of financing and guidance entrepreneurs need to strengthen operations, create jobs and build lasting businesses across the Bay Area.”

Building with staying power

For small businesses, access to financing that fits their stage of growth can determine whether expansion is sustainable. A one-size-fits-all approach does not always work for companies with distinct cash-flow cycles, customer demand and operational needs. In Courtsmith’s case, the ICA loan gave the company a path to invest in its future while preserving the founder’s vision and control—and reflected the kind of flexible financing JPMorganChase is helping expand through its support of local community and mission-driven lenders.

Courtsmith’s trajectory reflects that momentum. The company reports that revenue grew 259% from 2021 to 2025, while its workforce expanded from four employees in 2017 to 13 in 2025, including growth in full-time roles from one to 11.

Behind those numbers is a company deepening its roots in Oakland through local partnerships, community presence and a model built to last.

“Courtsmith is about Oakland, representing the culture that raised us and creating opportunity for the next generation,” said Smith. “With ICA Fund and JPMorganChase in our corner, we can keep turning that mission into something people can see and feel in our community.”

Courtsmith’s next chapter is still being written, but the path is clearer: a founder-led brand with deeper local production capacity, a stronger supply chain, and a larger role in Oakland’s small business economy.