Wells Fargo Report Details Black Economic Progress

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.

Related Articles

2 COMMENTS

  1. The pandemic has nearly wiped Black businesses off the map. Why Wells Fargo does not acknowledge that sad truth.

    • Hey Donald,

      If the so-called native born Black American community practiced collective group economics they wouldn’t have to worry about racist financial institutions such as Wells Fargo, Bank of America, Citigroup, PNC, or Capital One for any loans. Until that dysfunctional type of thinking the so-called Black American community will continue be in a collective financial dire straits.

Leave a Reply

Get the JBHE Weekly Bulletin

Receive our weekly email newsletter delivered to your inbox

Latest News

Three African Americans Appointed to New Academic Positions

Leon Prieto, Kofi Afrifah, and Andrea Moore have been appointed to new academic positions at Clayton University, Bowie State University, and Savannah State University, respectively.

Historic HBCU Landmark Revitalized Through National Park Service Grant

Through three restoration grants totaling $2 million, the Rosenwald Practice School and Principal House will be fully restored, becoming the new home for the Northeastern North Carolina African American Research and Cultural Heritage Institute.

Five Black Leaders Appointed to Administrative Positions

Here is this week’s roundup of African American who have been appointed to new administrative positions at colleges and universities throughout the United States. If you have news for our appointments section, please email the information to contact@JBHE.com.

North Carolina A&T University Establishes Research Partnership with Collins Aerospace

“There are direct relations to the research we do in the College of Engineering and the mission purpose of Collins Aerospace,” said Stephanie Luster-Teasley, interim dean of the College of Engineering at North Carolina A&T State University. “Being able to partner with Collins really gives our students the opportunities for hands-on research at each level – undergraduate and graduate.”

Featured Jobs