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    How many Native people live in the U.S.? Good question.

    enJuly 05, 2024

    Podcast Summary

    • Labor market cooling offThe labor market is showing signs of slowing down, potentially impacting the economy and the Federal Reserve's monetary policy, with concerns for lower-income households and the possibility of a recession indicator flashing soon

      The labor market is showing signs of cooling off, and this could have implications for the economy and the Federal Reserve's monetary policy. The unemployment rate is still low, but it has increased compared to a year ago, and there are concerns about the impact on lower-income households. The Federal Reserve has been focused on fighting inflation, but now faces the challenge of balancing this with signs of labor market weakness. The Sam rule, a recession indicator, is not yet flashing red but is getting close, indicating a potential risk of job losses and a pullback in consumer spending.

    • Economic OutlookThe economy is slowing down, affecting lower and middle income individuals, and a recession may be on the horizon, while the job market is recovering but the outlook remains uncertain

      The economy is showing signs of slowing down, with lower and middle income individuals being particularly affected by inflation and higher interest rates. The Federal Reserve's efforts to combat inflation through interest rate hikes have a long and variable lag, and there is a growing consensus that a recession may be on the horizon. The upcoming consumer price index report will provide important insights into the current state of inflation. Meanwhile, the job market is showing signs of returning to pre-pandemic levels, but the economic outlook remains uncertain. The Federal Reserve is expected to have a difficult conversation about monetary policy at their upcoming meeting.

    • Labor market recoveryThe labor market is recovering with a low unemployment rate and wage growth, but certain industries are still struggling. Houston's economy remains strong due to its critical role in US oil and gas exports through the Houston Ship Channel.

      The labor market is recovering from the pandemic, with the unemployment rate at a constructive 4.1%, wage growth above inflation, and employers regaining some hiring power. However, certain industries like leisure and hospitality are still lagging behind their pre-pandemic levels. Meanwhile, Houston's iconic Houston Ship Channel, a critical infrastructure for US oil and gas exports, continues to play a significant role in the city's economy, with 70% of imports and exports being petroleum products. The channel, built soon after the 1900 Galveston hurricane and following the Spindletop oil discovery, has been a key factor in Houston's development as an energy capital. Despite some challenges, both the labor market and Houston's industrial sector are on the mend.

    • Port Diversity, Data CollectionThe importance of diversity was highlighted during a port tour, but challenges exist in collecting accurate data about certain communities, particularly Native Americans, who may be erased from economic understanding due to outdated data collection methods.

      During a tour of a bustling port in Houston, the importance of diversity and the challenges of collecting accurate data about certain communities were highlighted. Tour guide Hinton shared stories of encountering foreign workers on tankers, wondering about their lives and backgrounds. Third-grader Penelope Vasudra, on the other hand, saw the port as an adventure. Meanwhile, in the financial world, markets continued to perform well, with the Dow, NASDAQ, and S&P 500 all reaching new record highs. However, changes to how race and ethnicity data is collected on federal forms could further obscure our understanding of the economic situation for Native Americans, as many of them are often lumped into the "two or more races" category when they also identify as another race. This erasure of data was brought to light by Robert Maxim, a research fellow at the Brookings Institution, who shared his personal experience of being counted as neither American Indian nor white, but instead in the "two or more races" category.

    • Native American data representationAccurate representation of Native American identities through a standalone question on federal forms can improve data accuracy and help allocate resources effectively for healthcare, education, housing, and law enforcement, fulfilling government obligations to tribes.

      Accurate data collection and representation of Native American identities are crucial for fulfilling federal obligations to tribal nations. However, current data collection methods and categorization are problematic, leading to undercounting and misrepresentation of Native American populations. This can hinder the effective allocation of resources for healthcare, education, housing, and law enforcement, among other areas, making it difficult for the government to meet its legal obligations to tribes. A simple solution proposed by researchers is the inclusion of a standalone question on federal forums about indigenous identity. This would better reflect how Native people see themselves and help improve data accuracy. The Minneapolis Fed Center for Indian Country Development is working to fill some of these data gaps, but a well-resourced central entity in charge of collecting information about Native people is needed for more comprehensive solutions.

    • Cost of living in LA for artistsStarting a new life in an expensive city, especially in a creative industry, can bring joy and community but also significant financial challenges

      Despite earning more than her previous minimum wage job, the cost of living in Los Angeles, specifically for someone pursuing a career in the arts, can still be a struggle. The speaker has found joy and community in her improv class, but the financial reality of her situation is still a concern. Meanwhile, a potential change in banking fees from Chase Bank could add to financial pressures for some customers. Overall, the speaker's experience highlights the challenges of starting a new life in an expensive city, especially in a creative industry.

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