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July Job Losses Signal U.S. Labor Market Has Entered a More Dangerous Phase

The July 2026 employment report provides some of the clearest evidence yet that the U.S. labor market is losing momentum, according to an analysis by Creative Investment Research. Although the headline unemployment rate edged down to 4.1 percent , nonfarm payroll employment fell by 23,000 jobs , while the Bureau of Labor Statistics revised previously reported May and June employment growth downward by a combined 103,000 jobs . The figures represent a significant deterioration from the employment conditions reported earlier this year and reinforce concerns raised by Creative Investment Research following the May and June employment reports. According to the July Employment Situation data provided by the Bureau of Labor Statistics, payroll employment declined by 23,000, compared with an average monthly increase of only 34,000 during the preceding 12 months. Local government education lost 50,000 jobs, retail trade lost 19,000, and financial activities continued to contract, losing anot...
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The NMSDC Certification Case Is an Economic Case.

We filed a Motion for Permission to Submit an Amicus Curiae (Friend of the Court) Brief in American Alliance for Equal Rights v. National Minority Supplier Development Council, et al. , Case No. 2:26-cv-02126-JWB-JBW , pending in the U.S. District Court for the District of Kansas. The proposed brief asks a question that deserves greater attention:  What are the economic consequences of enjoining NMSDC's Minority Business Enterprise certification program? The brief does not attempt to resolve the legal issues before the Court. Instead, it examines the potential effects of disrupting a major supplier-certification system on GDP, employment, wages, procurement costs, competition, business formation, tax revenues, and long-term market efficiency . Certification Has an Economic Function Supplier certification is more than an administrative designation. It can reduce information asymmetry, supplier-search costs, verification expenses, and contracting uncertainty . The brief draws on the...
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Optus–M&F Merger Creates Largest Black-Owned Bank

The announced merger between Optus Financial Corporation and M&F Bancorp marks one of the most significant developments in minority banking in decades. Announced on July 22, 2026, the transaction exceeds $105 million and will create the largest Black-owned bank in the United States with approximately $1.27 billion in assets, subject to regulatory and shareholder approval. Scale matters in banking. Larger balance sheets allow institutions to make larger loans, invest in technology, attract deposits, and expand access to capital in underserved communities. The combined institution strengthens the Minority Depository Institution (MDI) sector while preserving a mission-driven focus on financial inclusion. Minority Depository Institutions by Ownership  (FDIC, Q1 2026) Although the merger reduces the number of Black-owned banks by one, it materially increases the scale and competitive capacity of the resulting institution. The transaction illustrates an important trend: strategic con...
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GDP Growth Slows: Minority Business Enterprises Can Help Sustain America's Economic Expansion

The U.S. economy expanded at an annualized rate of 1.5% during the second quarter of 2026 , according to the Bureau of Economic Analysis (BEA), a slowdown from the 2.1% pace recorded in the first quarter. The data suggests an economy that is still fundamentally resilient. Consumer spending accelerated, business investment —particularly in artificial intelligence infrastructure—grew. Exports increased, offset in part by lower government spending and the continuing drag from trade dynamics. For minority business advocates, however, the GDP report raises a more important question: Where are Minority Business Enterprises (MBEs) in America's growth strategy? Looking Beyond the Headline The true driver of economic activity consumer spending (accounting for 70% of GDP) increased significantly during the quarter, and private investment continued to support expansion. Real final sales to private domestic purchasers remained considerably stronger than the overall GDP figure. Sustained econom...
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There is Value in the Unmeasurable: Takeaways from the Global Homeboy Network DC Summit. Charlotte Griffin, Boston College.

“We are called to be faithful, not successful.” Fr. Gregory Boyle, SJ borrowed these words from Mother Teresa while describing the mission of Homeboy Industries . For the unfamiliar, Homeboy Industries is the largest gang rehabilitation and re-entry program in the world. Initially, this quote appears to reject the pursuit of success altogether. But after attending the Global Homeboy Network DC Summit hosted by Georgetown University’s McCourt School of Public Policy , I came away with a different interpretation. Rather than dismissing success, Fr. Boyle challenged attendees to embrace a more holistic definition.  In today’s world, success is increasingly being determined only by what can be counted. Organizations are expected to demonstrate impact through metrics, dashboards, and measurable outcomes. Then in turn, investors often rely on these metrics to determine whether an initiative is a worthwhile investment. While these tools are undoubtedly useful, the summit served a...
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The Federal Reserve's New Task Forces Raise an Important Question: Where Are the Black Voices?

 Federal Reserve Chairman Kevin Warsh has launched one of the most ambitious internal reviews of the central bank in decades. Five new advisory task forces will examine the Federal Reserve's approach to communications, balance sheet policy, economic data, productivity and jobs, and inflation frameworks—the analytical foundations that shape U.S. monetary policy. The effort is significant. Chairman Warsh has made clear that he intends to reconsider many of the assumptions that have guided the Federal Reserve since the Global Financial Crisis, arguing that the economy has changed dramatically and that the central bank must modernize its analytical tools. The task forces are expected to make recommendations to the Federal Open Market Committee later this year. Yet one aspect of the announcement deserves far more attention than it has received. Among the fifteen external leaders selected to guide these task forces, there are no Black economists, business leaders, financial market expert...
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June 2026 Producer Price Index: A Welcome Break, But Minority Businesses Are Not Out of the Woods

The June 2026 Producer Price Index (PPI) offers the first meaningful sign in several months that inflationary pressures within the nation's supply chains may be easing. Producer prices for final demand fell 0.3 percent in June , reversing increases of 0.6 percent in May and 1.1 percent in April . Nevertheless, producer prices remain 5.5 percent higher than a year ago , underscoring that the cost environment facing American businesses—and especially Black- and minority-owned firms—remains challenging. When viewed alongside yesterday's Consumer Price Index (CPI) report, the June PPI suggests that inflation moderated, but the improvement is uneven. The CPI showed consumer prices falling 0.4 percent during June, driven primarily by lower energy prices. The PPI confirms that the same decline in energy prices is now working its way through the production pipeline. That is encouraging news, particularly for industries where minority-owned firms are heavily represented. Falling Energy...
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