Annual Edition 'Buying Power of Black America' report
breaks down billions in expenditures Black
consumers are responding to tighter economic condition by focusing more
of their spending on items and services that improve their homes and
lifestyle. That's one of the trends revealed in the 15th annual report,
"The Buying Power of Black America," published by Target Market News.
The report analyzes spending for black households in 2008 and finds that
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economic survey finds jobs security is top priority in recovery
(May 11, 2010) With signs that the worst recession in eighty years may
be nearing an end, a panel of more than 3,000 college-educated
African-American consumers and workers overwhelmingly agreed (90.1%)
that creating jobs is more important than reducing the deficit,
according to the TheLoop21.com's 2010 Economic Survey of Black America.
According to the survey, the biggest threats to African-American job
security are the current recession and racial discrimination in the
workplace, not immigration.
The findings from the "2010 Economic Survey of Black America", which
took place from April 9 through April 23, reflect the collective views
of thousands of Black consumers and workers on some of the most
controversial issues of the day. TheLoop21.com commissioned the
largest-ever economic opinion survey of African-American consumers and
workers in an effort to better understand the economic priorities of
African-Americans and the perceptions behind the racial disparity that
exists in today's economy.
On the critical issue of immigration reform, the majority of
African-American respondents were not concerned that "immigrant
competition" threatened their job security. In fact, African-American
respondents were more concerned that "outsourcing of jobs" (56.3%) was a
threat to their job security than competition from foreign workers
(47.7%) here in the U.S. A majority of respondents (51.3%) did not agree
that "tougher immigration enforcement is needed to create job
opportunities" for them.
The "current recession" (85.8%) was the top job security concern
followed by "racial discrimination in the workplace and hiring" (65.2%).
Reflecting the Wall Street excesses that are now the subject of
financial reform, over two-thirds (68.2%) of respondents indicated they
need to "reduce credit card debt," with nearly half saying that credit
card debt reduction was "urgently needed." Despite the current housing
crisis, the vast majority (70.4%) said they had no need to refinance
"This survey clearly shows why it is so important to have the people
speak for themselves," said Darrell L. Williams, Ph.D. and Publisher of
TheLoop21.com. "The economic priorities and concerns reflected in this
survey of thousands of Black consumers and workers are very different
than many of the positions that are attributed to 'black people' by a
few spokespersons." He adds, "This first-of-its-kind survey of Black
consumers and workers provides insights into Black economic opinion that
are not generally well-represented in the public arena."
Overall, the panel of mostly college-educated African-American
respondents was optimistic about the U.S. economic outlook and their
personal economic growth. Nearly three-quarters of respondents (74.4%)
expected the U.S. economy to "significantly improve" or "moderately
improve" in the next 12 months. And, nearly as many (72.0%) expected
their personal economic circumstances to improve in the next 12 months.
This economic optimism corresponds to a strong trust in President
Obama's ability to revitalize the economy. Nearly 9 out of 10
respondents (88.9%) indicated that they were "somewhat confident" or
"highly confident" that President Obama "has a plan to revitalize the
U.S. economy." But fewer African-American consumers and workers
responding were confident that Congress would "do what is necessary to
stimulate job growth" (53.0%) and nearly one-third was "doubtful"
TheLoop21.com collaborated with Alpha Kappa Alpha Sorority, Inc. to
conduct this survey. The national sorority asked their college-educated
membership from over 975 chapters in the U.S. and abroad to participate.
More information regarding the survey results, including in-depth
commentary and discussion, can be obtained by visiting
TheLoop21.com is the premier online destination for in-depth analysis of
economic and political news presented from the minority perspective.
TheLoop21.com not only highlights problems, but also offers insights and
solutions, plus a platform where everyone is invited to join the
conversation. The site is an alternative to mainstream media with a
mission to lead the discussion on economic progress for people of color.