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Report Says Black Men Cost The Economy $50B Annually — Here's Why

Black men are unemployed at a much higher rate than their counterparts — and it’s creating an economic crisis in the country. According to the Atlanta Black Star, Black communities take a hit totaling $50 billion annually in costs due to this unemployment crisis. “Black people need to take this report and take it to their elected official and say ‘You need to do more because you don’t fully realize how big this problem is,’” said Algernon Austin, who authored the study initially published by the Center for Economic and Policy Research. “I’m hoping that this work serves to inspire people, and, frankly, particularly Black men.” And that’s just the beginning of the problems, according to Austin. Using data going all the way back to 2014, he revealed that Black men between the ages of 25 to 54 would have to get nearly a million jobs (947,000, to be exact) to be on par with their non-Black counterparts and close the economic gap. What’s more, if one million of them got jobs and kept...

Study Finds Black American Workers On Average Earn $12K Less Than The Median Wage In The U.S.

This new report is calling on change makers to step up to the plate after highlighting gaps in representation, participation and pay for Black workers in America. McKinsey & Company published some eye opening findings in its recent “The Economic state of B lack America: What is and what could be” report. The new study explores the racial gaps and disparities across the nation’s economy. The Economic state of Black America studies five specific economic roles: workers, business owners, savers/investors, consumers, and residents. With this new report, McKinsey wants to provide a comprehensive review of how Black Americans participate and thrive in the economy. The management consulting firm also wants to put a spotlight on the challenges Black Americans face and help imagine what a new future looks like following the coronavirus pandemic. “The way forward is a mix of truth and reconciliation, and it’s really important to tell the full truth,” John Paul Julien, an associate partner at...

Jun 17, 2021

Consumers Experience Smaller Packaging & Higher Prices Thanks To 'Shrinkflation'

You may have heard of inflation, but what about ‘shrinkflation’? If it’s not one thing it’s another. This time it’s a phenomenon called ‘shrinkflation’ where consumers pay the same price for less when it comes to buying goods. According to CBS News , this is not a new trick, this practice plays a role during periods of rising inflation or economic downturns. One of the results of the COVID-19 pandemic placed cost pressures on a number of industries along with their products thanks to various reasons which include difficulty in hiring workers, trucking shortages, and price increases for raw materials. “If you are a manufacturer or retailer, you have a couple of choices — you can keep prices the same, which means you have lower margins. Second, you can run fewer promotions, and that definitely happened in the last year,” said Anne-Marie Roerink, the founder of market research firm 210 Analytics. “And the third measure is to keep prices the same but have a little less in the box.”...

Jun 5, 2021

New Fiscal Report Reveals Morgan State University's $1B Plus Impact on State Economy

Historically speaking, HBCUs have long prided themselves on their community involvement and deep ties to local areas they occupy. A 2017 report commissioned by UNCF’s Frederick D. Patterson Research Institute previously shared that HBCU institutions have generated over 130,000 jobs both locally and regionally for their home states and make up $14.8 billion in economic impact, according to a press release. Now this week, a new independent study ordered by Baltimore’s own Morgan State University shows that the HBCU currently accounts for $1.1 billion generated in annual financial impact on Maryland and $640 million within Baltimore City. Morgan fiscal footprint leaves lasting economic and community impression in Maryland and Baltimore, more than $1B impact in state and $640M in Baltimore – Read More 👉🏾 #MorganMomentum #EconomicImpact — Morgan State University (@MorganStateU) January 25, 2021 The new study — conducted by national economic consulting firm Econsult...

Jan 27, 2021

Several African Countries Expected to be Among the Fastest Growing Economies Until 2027

Africa is emerging as a new power as its social, economic, and political improvements show a consistent pace that will position them to play an important role in global affairs. Africa has come a long way in terms of economic growth in the past few years. According to The Economist , several of the continent’s countries are on track to have fast-growing economies until 2027. Seven African countries will be among the 15 to grow fastest economically until 2027 — The Economist (@TheEconomist) March 28, 2020 In 2019, Kenya reclaimed its crown for having the largest economy in Eastern and Central Africa, beating out its developing neighbor, Ethiopia, for the first time since 2016, as reported by Future Directions International . The continent’s demographics also play a huge role in its growth. According to The Economist , Africa’s population will nearly double by 2050, totaling to more than a quarter of the world’s population. Additionally, PWC reported that...

Apr 4, 2020