Dr. Bernard Anderson, our Chief Economics Adviser, shares an in-depth look at the state of the economy. Here’s what the numbers tell us.
In July, the economy continued on a steady, measured path of recovery from the pandemic, but racial disparity in the labor market persists.
Employment of white workers grew by 1.1 million, compared with only 12,000 for Black workers, a wide gap in relative employment growth. While the Black unemployment rate fell by one percentage point to 8.2%, it remains significantly higher than the white rate of 4.8%. Bottom line: African Americans remain in the caboose as the economic train moves steadily toward recovery and full employment.
In July, the economy continued on a steady, measured path of recovery from the pandemic, but the racial disparity in the labor market persists.
JUNE JOBS REPORT: LIKE AN EARTHQUAKE SHIFTS EARTH PLATES, THE PANDEMIC SHIFTED STRUCTURAL UNEMPLOYMENT
by Bernard E. Anderson, Ph.D.
Professor Emeritus, Wharton School, University of Pennsylvania, and Senior Economic Advisor, National Urban League.
With almost every state fully reopened or announced when it will be, business activity is up sharply throughout the U.S. Manufacturing and non-manufacturing are exceeding the pace observed before the pandemic struck. There is strong demand for commodities, big ticket items, computers, and other durable goods. Construction picked up in March, driven by residential building. The service sector is pulling out of the doldrums as millions of adults get vaccinated.
by Bernard E. Anderson, Ph.D.
Senior Economic Advisor, National Urban League, and Whitney M Young, Jr. Professor Emeritus, The Wharton School, University of Pennsylvania
