Wells Fargo, the large financial firm, recently released a new report detailing significant economic progress that the Black community has achieved in recent years.
For example, the report notes:
- The Black unemployment rate, which has historically exceeded the overall rate of joblessness, stood at 7.1 percent in December 2021, significantly higher than the overall nationwide rate of 3.9 percent. But the Black unemployment rate fell to a record low at the end of the last economic cycle.
- Educational attainment is rising rapidly. The number of Black and African American individuals who have completed at least four years of college grew 41 percent over the past decade, compared to just 25 percent for the total population.
- Strong job growth and rising educational attainment have translated into solid income growth. Real median income in the Black and African American community rose 20 percent between 2010 and 2020, outpacing the national average growth rate of 15 percent over the same period.
- The number of Black-owned businesses grew nearly 11 percent between 2016 and 2019, roughly three-and-a-half times as fast as total businesses in the U.S. economy.
- About 35 percent of Black-owned businesses were owned by women as of 2019, which is about 15 percentage points higher than the share of female-owned businesses in the overall U.S. economy.