February’s Jobs Report is Encouraging News: Ron Busby, Sr., President, U.S. Black Chambers, Inc.

Busby’s  response to February Jobs Report

February’s jobs report is encouraging news. With 295,000 jobs created last month and the

unemployment rate dropping to 5.4 percent, we have good reason to feel optimistic about the future.

However, our economy still has major disparities in the number of jobs gained by African Americans versus other races, and lawmakers could be doing much more to encourage Black entrepreneurship.

At 10.4 percent, Black unemployment is still double that of other demographics. And, the African American community has seen the lowest participation rate during the past six months, meaning that despite job gains across the country, our communities continue to see a significant lag in job creation.

We must work to redouble our efforts to ensure African Americans have access to jobs. A large part of the stimulus to reduce Black unemployment should be centered on expanding African American small business owners’ opportunities to grow, create jobs and thrive. This includes increasing the availability of small business loans for our community. Black businesses employ nearly one million people. Last year’s startling report by the Wall Street Journal that found Black-owned small businesses receive about 1.7 percent of all loan money available through the Small Business Administration down from 8.2 percent before the recession is a trend that cannot continue.

The U.S. Black Chambers, Inc. will continue to work with Black entrepreneurs, the Administration and Congress on solutions to the problem of Black unemployment and on increasing African American entrepreneurs’ ability to access vital funds for their businesses and create jobs.