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Blackonimics Beat!: The Economic News You Need
Welcome to the Blackonomics Beat!, where we break down the most significant economic news and trends of the week, tailored to keep black professionals informed and empowered. Let's dive into the top stories, impacts on our community, and opportunities to elevate our career and financial goals:
1. Housing Market Update: Good News for First-Time Buyers
NAHB/Wells Fargo Housing Market Index (HMI) rose from 50 to 55, signaling increased homebuilder confidence.
Building permits MoM increased by 5.2% in May, while housing starts surged 21.7%.
MBA 30-year Mortgage Rate slightly declined from 6.77% to 6.73%.
Implications: Higher builder confidence typically translates to more construction and increased inventory, which could help first-time buyers looking for affordable housing. Lower mortgage rates may also make homeownership more attainable for black professionals.
2. Existing Home Sales and Mortgage Rates Remain Stable
Existing home sales slightly increased to 4.3 million in May, up from 4.29 million.
30-year mortgage rates remained steady at 6.67%.
Implications: Stability in these areas hint at a balanced market, which could give prospective black homeowners a chance to find their dream homes without facing drastic fluctuations in prices or interest rates.
3. Bankrate's 2023 Annual Emergency Savings Report: Time to Rethink our Savings Strategy
57% of U.S. adults are uncomfortable with their emergency savings; 22% have none at all.
36% have more credit card debt than emergency savings, a record high since 2011; 51% have more emergency savings than credit card debt.
Implications: These stats underscore the importance of creating a healthy financial safety net. As black professionals, we should prioritize paying off debt and consistently saving to boost our financial security and resilience.
Race and Economic Policy: Why It Matters for Black Professionals
Systemic financial disparities continue to amplify the importance of staying informed on economic policies and trends that affect black professionals. Being up-to-date on these topics enables us to make informed decisions, advocate for equitable policies, and ensure we're leveraging opportunities to build financial stability and generational wealth.
Opportunities and Resources for Black Professionals
Employment/Business:
The National Urban League's offers networking and job opportunities geared towards black professionals. Visit them here.
Check out the Black Business Network for resources geared towards black entrepreneurs.
Programs, Products, and Services:
Explore the National Black MBA Association, where they provide access to scholarships, career resources, and networking for black professionals in business.
Consider joining Black Professionals Network, a community advocating for black professionals' personal and professional development.
Stay tuned for the next edition of Blackonomics Beat, your go-to source for staying informed on the economic news, trends, and opportunities affecting our community.
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