Bernard E. Anderson, Ph D
Senior Economic Adviser, National Urban League, and
Whitney M. Young, Jr. Professor emeritus, The Wharton School, University of Pennsylvania

January’s Jobs Report showing 143,000 new jobs shows a strong labor market moving forward in a stable, balanced growing economy.

Employment grew for both Black and White workers, but Black unemployment rose slightly while White unemployment remained little changed. As a result, the Black/White unemployment differential edged up to 1.77, still below the previously persistent 2:1 ratio.  Average hourly wages grew 0.5 percent to $ 35.87.

By Bernard E. Anderson, Ph.D.
Whitney M. Young, Jr. Professor Emeritus, The Wharton School, University of Pennsylvania, and Senior Economic Advisor, National Urban League

Inflation, as measured by the personal consumption expenditure (PCE) index, has slowed significantly, declining from a peak of 7.2 percent in June 2022 to just 2.3 percent over the 12 months ending in October 2024. Core PCE, which excludes food and energy, also eased to 2.8 percent, down from a high of 5.6 percent in February 2022. The data suggest continued progress in stabilizing the economy while avoiding the feared "hard landing."

OCTOBER JOBS REPORT: SLOWING INFLATION AND HISTORICALLY LOW UNEMPLOYMENT INDICATE THE U.S. HAS ARRIVED AT A “SOFT LANDING”

By Bernard E. Anderson, Ph.D.
Whitney M. Young, Jr. Professor Emeritus, The Wharton School, University of Pennsylvania, and Senior Economic Advisor, National Urban League

Job growth in October was hampered by two hurricanes and two major labor strikes, producing just 12,000 new jobs, but the economy continues to grow at a modest pace.

With inflation slowed to  2.41 percent and unemployment remaining historically low, many economists agree that the U.S. has achieved a “soft landing” – bringing inflation under control without triggering a recession.

Bernard E. Anderson, PhD

Whitney M. Young Professor Emeritus,
The Wharton School of the University of Pennsylvania

Chief Economic Advisor,
National Urban League

U.S. employment increased by 254,000 in September, reflecting an economy growing at a stable, balanced rate.

While the overall unemployment rate changed little at 4.1%, the Black unemployment rate fell to 5.1%, bringing the Black/white ratio to 1.54, down from 1.60 in August and significantly down from the previously persistent 2:1 ratio. 

The labor force participation rate was unchanged at 62.7%.  Employment continued to trend up in food services and drinking places, health care, government, social assistance, and construction.  There was little change in employment in other major industries. Average hourly earnings grew 0.4% month over month and 4.1%  year over year.

Bernard E. Anderson, PhD

Whitney M. Young Professor Emeritus,
The Wharton School of the University of Pennsylvania

Chief Economic Advisor,
National Urban League

Bernard E. Anderson, PhD

Whitney M. Young Professor Emeritus,
The Wharton School of the University of Pennsylvania

Chief Economic Advisor,
National Urban League

July's modest job creation, coupled with evolving labor market tightness, generated improvement in racial employment opportunities.

Over the past several years during the post-pandemic revival of the economy the Black/White gap in unemployment narrowed to 1.63, much below the previously long-term 2:1 ratio.  The Hispanic unemployment rate remained unchanged at 5.3 percent.