Black Los Angeles Newspaper Blames Wall Street for Stagnant Black Wages

[amborin]

Racial Disparities in Millennial Unemployment Rate Widen Despite Improved Overall Rate for Young Adults

Posted on November 7, 2014 by Young Invincibles

FOR IMMEDIATE RELEASE:

November 7, 2014

Contact: Sarah Lovenheim, [e-mail], 585.746.8281

[WASHINGTON]— As the national unemployment rate fell slightly to 5.8 percent and the economy added 214,000 jobs in October, the unemployment rate for 18 to 34 year-olds dipped slightly to 8.2 percent from 8.6 percent in September (seasonably adjusted). However, the gap between the unemployment rate for white young adults and black young adults widened.

Black young adults face an unemployment rate that’s more than twice as high as their white peers, 15.8 percent compared to 6.5 percent, respectively.
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http://younginvincibles.org/10703/


BUT WAGES ARE CRUCIAL

https://lasentinel.net/black-unemployment-rises.html

(The Sentinal is a highly respected Black newspaper in Los Angeles)


Black Unemployment Rises

By Freddie Allen, NNPA Senior Washington Correspondent

Published June 11, 2015

[div class="excerpt"]A recent report by the Center for Popular Democracy (CPD), a national group that advocates for social, racial and economic justice, pointed to Federal Reserve policies that seem to favor Wall Street over Main Street.

“The Federal Reserve’s focus over the past 35 years has been on price stability, or tamping down inflation,” said the CPD report. “While this focus is good for Wall Street, it has resulted in wage stagnation for most workers on Main Street.”

The report also said that wages have been stagnant or falling for the vast majority of workers since 2000.

The report continued: “While at the median, wages for white workers have risen only 2.5 percent in 14 years, African-American workers have seen a wage cut of 3.1 percent over the same period.”

African American unemployment rates have historically been about twice as high as those for white workers. That trend continued through the Great Recession, with black unemployment reaching a peak of 16.6% in April 2010.

More than five years into the economic recovery, black unemployment in December stood at 10.4%, compared with 4.8% for white workers.

Unemployment captures only one part of the picture, said Steven Pitts, associate chair of UC Berkeley's Labor Center. Just as important are the disparities in low-wage work.

According to research by the Labor Center, 14.3% of black men with full-time jobs in Los Angeles were considered low-income workers; for women, it was 16.7%.

Median weekly earnings by race 2013

http://www.trbimg.com/img-54bf2e5f/turbine/la-fi-g-us-unemployment-rate-by-race-20150120/400/400x225


As such, simply tackling the problem of unemployment doesn't get at the broader question of whether African American workers are able to improve their lives through better-paying jobs....

http://www.latimes.com/business/la-fi-0121-african-american-employment-20150121-story.html

Report finds high unemployment rates among minority youth in Chicago

Unemployment rates high among Chicago minority youth

A new report shows almost half of black men in Chicago between the ages 20 to 24 are neither working nor in school.

By Evelyn Holmes
Monday, January 25, 2016
CHICAGO (WLS) --
There's a troubling report out about young black men in Chicago. A new report shows almost half of black men in Chicago between the ages 20 to 24 are neither working nor in school.

"I would accept anything that would put me in a better financial position than I am now," Roosevelt Woods, 18, said.

Woods desperately wants a job, but after trying unsuccessfully to work in carpentry, the West Garfield Park resident is still unemployed.

http://abc7chicago.com/careers/report-finds-high-unemployment-rates-among-minority-youth/1173504/

[LWolf]

1. Sobering, and unacceptable.

As Sanders repeatedly points out.

[Katashi_itto]

2. Well Vote Hillary and I guarantee it goes away.

They can be economically forced to supply the prison industry.

Hell all the classes will be used up one way or another except the 1%

Vote Republican and it goes away even faster.

[Uncle Joe]

3. Kicked and recommended.

Thanks for the thread, amborin.