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Economic Recovery for African-Americans - 3/25/15

A recent report from the Center for Popular Democracy, described by the New York Times as a liberal advocacy group, and the Economic Policy Institute, described as a liberal think tank, indicates that economic recovery continues to elude a disproportionate share of African-Americans. 

The unemployment rate for African-American workers remains one point three percentage points higher than on the eve of the recession.  For whites, the unemployment rate is only about half a percentage point higher.  African-American workers have also sustained twice as large a reduction in median hourly wages since the onset of recession.  Median hourly wages are down three point six percent for black workers and one point seven percent for white workers. 

The state with the lowest rate of African-American unemployment is Virginia at eight percent.  But that’s still higher than the highest rate of white unemployment in any state, seven percent in Nevada.  The report represents part of a broader campaign to persuade the Federal Reserve Bank to continue to stimulate the U.S. economy until all Americans have more opportunity to participate in the ongoing economic expansion.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.