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

The economy added 263,000 jobs in November, indicating a strong, but unbalanced labor market with wages rising at a rate that sustains strong consumer spending.

The overall unemployment rate remained unchanged at 3.7%, but the demographic pattern of employment trended in opposite directions in November. Black employment rose while white employment declined; as a result, the Black /white unemployment disparity slipped down from the persistent 2:1 ratio to 1.78.

The pace of employment growth was similar to growth over the prior 3 months, which averaged 282,000. Monthly job growth over the entire year 392,000, down from an average of 562,000 per month in 2021. Most employment growth in leisure/hospitality, the industry that lost most jobs when the pandemic hit in early 2020.

ADVISORY FOR: SUNDAY, DECEMBER 4, 2022
CONTACT:        Niambé Tomlinson (National Urban League)
                           ntomlinson@nul.org | 585-576-4406
                          Diane Larché (Urban League of Greater Atlanta)
                          diane@larchecommunications.com | 404-273-3227
                          Khadijah M. Davis (Planned Parenthood Action Fund)
                          khadijah.davis@ppfa.org | 212-261-4583
                          Angelo Greco (National Coalition on Black Civic Participation)

NEW YORK (December 1, 2022) – Today the National Urban League and Wells Fargo announced a $5 million grant to create the Diverse Appraiser Initiative, a new program that aims to increase diversity and reduce barriers to entry in the home appraisal industry.

Washington, D.C. (November 30, 2022) — Today, Marc H. Morial, President and CEO of the National Urban League, released the following statement congratulating Congressman Hakeem Jeffries for being elected to serve as Minority Leader for the House Democratic Caucus. He is the first Black lawmaker in history to lead a major political party in Congress:  
 
“Today, we congratulate Leader Jeffries on a historic election as the first Black lawmaker to lead a major political party. Not only does this election symbolize the growing representation of diverse membership in Congress and our country, but it also creates a positive image for young people in our communities who may aspire to serve in positions such as this.
 

Will Urge Passage of the Fair Access to Financial Services Act During Hearing on “Fairness in Financial Services: Racism and Discrimination in Banking”