Atlanta, Georgia Local News
‘It’s not just wages’: Black employment is up across U.S. says White House
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Black unemployment across the country is as low as it has been in years, according to the latest White House economic report.
Last year, Black unemployment levels reached record lows and is now just 5.3% compared to 9% three-plus years ago. No one person, administration or event can solely be given credit for this record level of Black employment, but these numbers are reason for optimism.
“It was really a strong year for Black workers,” Deputy Director of National Economic Council Daniel Hornung told The Atlanta Voice during a recent phone interview on Thursday afternoon.
The share of Black people with jobs is now above pre-pandemic levels signally a return to the economy.
Black households and Black-owned businesses have also seen an uptick during this wave of improvement. “It’s not just wages,” said Hornung, who agreed that the data needs to be shared throughout the Black community for better clarity on how the economy is doing. “It’s been a strong recovery for Black households in particular.”
The amount of Black-owned businesses has doubled since 2019, according to that same economic report from the White House. The number of Black-owned businesses run by families have also doubled since 2019. The building of generational wealth has historically often come from a family business that is passed down from one generation to the next. Having more Black-owned family businesses is important for generations to come.
Even Black family homeownership rates have increased during the past three-plus years. The Black homeownership rate is currently just over 46%, according to the report.
“That’s why we need to work so hard to put policies in place to build strong economies and strong wage growth,” said Hornung, who added that those polices have to also be shared equally among all communities.
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