Business

Black Women See Job Prospects Improve

Published

9 years ago

July 7, 2015

By Freddie Allen
Senior Washington Correspondent

WASHINGTON (NNPA) – Job prospects for Black women improved in June, as they recorded better employment numbers than the other major adult groups, the latest jobs report by the Labor Department shows.

The jobless rate for Black women over 20 years old fell nearly a full percentage point last month, from 8.8 percent in May to 7.9 percent in June. The unemployment rate for White women declined just one-tenth of a percentage, from 4.3 percent in May to 4.2 percent last month.

The unemployment rate for Black men over 20 years old also improved, but not as quickly as for Black women – falling from 10.2 percent in May to 9.7 percent in June. It was still more than double the 4.2 percent unemployment rate for White men, which hasn’t changed since May.

As the number of Black women entering the labor market increased last month, the share of adult Black women that have jobs compared to the total population of Black women, known as the employment-population ratio (E-POP), also increased.

The E-POP for Black women climbed from 56.5 percent to 57.1 percent in June, compared to the E-POP for White women, which receded from 55.1 percent to 55 percent in June. The E-POP for Black men decreased from 61.5 percent in May to 61.2 percent in June and the ratio of workers in the White male population didn’t budge in June and was the same as it was in May at 69.1 percent.

William Spriggs, an economics professor at Howard University and the chief economist at the AFL-CIO, a national labor group, took to Twitter to note that the jobless rate for Black women fell “for right reasons,” due in part to the growth in the employment-population ratio.

In a later tweet, Spriggs wrote: “Despite waves of state and local minimum wage hikes, employment in food services continued to trend up +30k in June, +355k over the year.”

For years, groups that advocate for small businesses have expressed fear that increasing the minimum wage would lead to higher prices for consumers and less job opportunities for those who often need them the most: young people, poor people and people of color. With each company, city and jurisdiction that announces immediate or future plans to raise the minimum wage, those fears begin to fade away.

The national unemployment rate edged down from 5.5 percent in May to 5.2 percent June, but the E-POP also dipped from 59.4 percent to 59.3 percent. The economy added 223,000 jobs last month, but the jobs numbers for April and May were revised down, shedding 60,000 jobs.

Still reeling from the broad sequestration cuts that went into effect in 2013, the public sector, where Blacks tend to find jobs at higher rates than in the private sector, didn’t add a single job in June and has only added 8,000 jobs this year, Elise Gould, the senior economist at the Economic Policy Institute, a progressive think tank focused on low- and middle-income families, wrote in a blog post at EPI.org.

In a separate blog post, Gould wrote that wages have only grown 2 percent since last June, another clear indicator of the uneven recovery.

“Employers don’t have to offer big wage increases to get and keep the workers they need,” Gould explained. “And this remains true even as a jobs recovery has consistently forged ahead in recent years.”

Gould cautioned the Federal Reserve against raising interest rates in an effort to prevent inflation.

In a brief statement about June’s employment situation, Gould wrote, “In light of this jobs report, it is more than obvious that the Federal Reserve needs to stay the course – if they act too soon, they will take the remaining wind out of the economy’s sails.”

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State Controller Malia Cohen Keynote Speaker at S.F. Wealth Conference

California State Controller Malia Cohen delivered the keynote speech to over 50 business women at the Black Wealth Brunch held on March 28 at the War Memorial and Performing Arts Center at 301 Van Ness Ave. in San Francisco. The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

Published

4 days ago

April 20, 2024

Oakland Post

American Business Women’s Association Vice President Velma Landers, left, with California State Controller Malia Cohen (center), and ABWA President LaRonda Smith at the Enterprising Women Networking SF Chapter of the ABWA at the Black Wealth Brunch.

By Carla Thomas

The Enterprising Women Networking SF Chapter of the American Business Women’s Association (ABWA) hosted the Green Room event to launch its platform designed to close the racial wealth gap in Black and Brown communities.

“Our goal is to educate Black and Brown families in the masses about financial wellness, wealth building, and how to protect and preserve wealth,” said ABWA San Francisco Chapter President LaRonda Smith.

ABWA’s mission is to bring together businesswomen of diverse occupations and provide opportunities for them to help themselves and others grow personally and professionally through leadership, education, networking support, and national recognition.

“This day is about recognizing influential women, hearing from an accomplished woman as our keynote speaker and allowing women to come together as powerful people,” said ABWA SF Chapter Vice President Velma Landers.

More than 60 attendees dined on the culinary delights of Chef Sharon Lee of The Spot catering, which included a full soul food brunch of skewered shrimp, chicken, blackened salmon, and mac and cheese.

Cohen discussed the many economic disparities women and people of color face. From pay equity to financial literacy, Cohen shared not only statistics, but was excited about a new solution in motion which entailed partnering with Californians for Financial Education.

“I want everyone to reach their full potential,” she said. “Just a few weeks ago in Sacramento, I partnered with an organization, Californians for Financial Education.

“We gathered 990 signatures and submitted it to the [California] Secretary of State to get an initiative on the ballot that guarantees personal finance courses for every public school kid in the state of California.

“Every California student deserves an equal opportunity to learn about filing taxes, interest rates, budgets, and understanding the impact of credit scores. The way we begin to do that is to teach it,” Cohen said.

By equipping students with information, Cohen hopes to close the financial wealth gap, and give everyone an opportunity to reach their full financial potential. “They have to first be equipped with the information and education is the key. Then all we need are opportunities to step into spaces and places of power.”

Cohen went on to share that in her own upbringing, she was not guided on financial principles that could jump start her finances. “Communities of color don’t have the same information and I don’t know about you, but I did not grow up listening to my parents discussing their assets, their investments, and diversifying their portfolio. This is the kind of nomenclature and language we are trying to introduce to our future generations so we can pivot from a life of poverty so we can pivot away and never return to poverty.”

Cohen urged audience members to pass the initiative on the November 2024 ballot.

“When we come together as women, uplift women, and support women, we all win. By networking and learning together, we can continue to build generational wealth,” said Landers. “Passing a powerful initiative will ensure the next generation of California students will be empowered to make more informed financial decisions, decisions that will last them a lifetime.”

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Business

Black Business Summit Focuses on Equity, Access and Data

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship. Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Published

5 days ago

April 20, 2024

Oakland Post

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA), answers questions from concerned entrepreneurs frustrated with a lack of follow-up from the state. January 24, 2024 at the Westin Los Angeles Airport Hotel, Lost Angeles, Calif. Photo by Solomon O. Smith

By Solomon O. Smith, California Black Media

The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship.

Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) was a guest at the event. He told attendees about his department’s efforts to increase access for Black business owners.

“One thing I’m taking away from this for sure is we’re going to have to do a better job of connecting through your chambers of all these opportunities of billions of dollars that are coming down the pike. I’m honestly disappointed that people don’t know, so we’ll do better,” said Omishakin.

Lueathel Seawood, the president of the African American Chamber of Commerce of San Joaquin County, expressed frustration with obtaining federal contracts for small businesses, and completing the process. She observed that once a small business was certified as DBE, a Disadvantaged Business Enterprises, there was little help getting to the next step.

Omishakin admitted there is more work to be done to help them complete the process and include them in upcoming projects. However, the high-speed rail system expansion by the California High-Speed Rail Authority has set a goal of 30% participation from small businesses — only 10 percent is set aside for DBE.

The importance of Diversity, Equity and Inclusion (DEI) in economics was reinforced during the “State of the California Economy” talk led by author and economist Julianne Malveaux, and Anthony Asadullah Samad, Executive Director of the Mervyn Dymally African American Political and Economic Institute (MDAAPEI) at California State University, Dominguez Hills.

Assaults on DEI disproportionately affect women of color and Black women, according to Malveaux. When asked what role the loss of DEI might serve in economics, she suggested a more sinister purpose.

“The genesis of all this is anti-blackness. So, your question about how this fits into the economy is economic exclusion, that essentially has been promoted as public policy,” said Malveaux.

The most anticipated speaker at the event was Janice Bryant Howroyd known affectionately to her peers as “JBH.” She is one of the first Black women to run and own a multi-billion-dollar company. Her company ActOne Group, is one of the largest, and most recognized, hiring, staffing and human resources firms in the world. She is the author of “Acting Up” and has a profile on Forbes.

Chairman of the board of directors of the California African American Chamber of Commerce, Timothy Alan Simon, a lawyer and the first Black Appointments Secretary in the Office of the Governor of California, moderated. They discussed the state of Black entrepreneurship in the country and Howroyd gave advice to other business owners.

“We look to inspire and educate,” said Howroyd. “Inspiration is great but when I’ve got people’s attention, I want to teach them something.”