Job prospects are finally rising for people of color, Axios markets reporter Courtenay Brown writes.
- Why it matters: African-Americans, Hispanics, Latinx and others left behind are finally starting to reap rewards from the economic boom.
Driving the news: June's hiring surge calmed fears that the labor market is rapidly slowing down. But falling jobless rates haven’t caused the usual upswell in wages, and thus, inflation.
- In a major shift, Fed Chair Jerome Powell and colleagues are hearing from community leaders at "Fed Listens" events.
- Poor people and people of color tend to be "the first ones into the recession and the last ones out," Rachel Flum, executive director of the Economic Progress Institute, tells Axios.
One of the people who talked to the Fed in Chicago about the on-the-ground experience was Maurice Jones, CEO of Local Initiatives Support Corporation.
- "For folks in the neighborhood that are disinvested or underinvested, the prolonged low unemployment is what gives them a chance to get jobs," Jones tells Axios.
- "What we're getting now is businesses that are coming to us," because companies need employees.
Between the lines: The labor force participation rate for African-Americans — which counts both people with jobs and those who are actively looking for work — has been catching up to the labor force participation rate for white people at a rapid pace, reflecting optimism about prospects for employment.
- Minority women in particular, the N.Y. Times notes, have started to notch gains in the labor market as the expansion continues.
But pay hasn't picked up much. Wage growth, which has accelerated in recent months, pales in comparison to previous economic expansions.
- People of color are among the groups least likely to have recovered the money lost in the wake of the financial crisis, the WashPost points out.
- And the unemployment rate for white people is still far lower than the rates for African-Americans, Hispanics and Latinx, though the gap has shrunk.
What’s next: The Fed’s next listening session will be July 16 in Atlanta, weeks before the Federal Open Market Committee convenes on July 30 for a highly anticipated meeting that may result in the first interest rate cut since 2008.
How it's playing ... Wall Street Journal lead story: "Jobs Report Allays Fear of Slowdown."