In the News: African-American Buying Power Nears $1.1 Trillion; President Obama Hosts an African American Conference and More

In the News: African-American Buying Power Nears $1.1 Trillion; President Obama Hosts an African American Conference and More

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  • African-American Buying Power Nears $1.1 Trillion

Black buying power is expected to reach $1.1 trillion by 2015, according to The State of African American Consumer Report. The report, the first of yearly installments in a three-year collaboration between Nielsen and the National Newspaper Publishers Association, analyzes the buying power and media consumption of African Americans.

The study on African-American consumer trends found that the percentage of Black people attending college or earning a degree has increased to 44 % for men and 53 % for women. The number of Black households earning $75,000 or higher grew by almost 64%.

Growth in affluence, social influence and household income will continue to impact the Black community’s economic power, according to Nielsen.

Read more at The Root…

  • President Obama Convenes Policy Conference for African Americans

President Barack Obama welcomed African American leaders from around the nation to Washington, D.C. on Wednesday to discuss his contributions to the Black community and what he can improve upon. Attendees ranged from community leaders and professors to elected officials and faith leaders.

The African American Policy in Action Leadership conference had an extensive lineup, which included a meeting with Obama administration officials–from Health and Human Services Secretary Kathleen Sebelius to Environmental Protection Agency Administrator Lisa Jackson.

“Part of the function of this gathering is for you to share your ideas, your best practices,” the president said to participants. “Let’s do some brainstorming, we want your input, we want your ideas.”

The White House has released a new policy report outlining the Obama administration’s achievements in the African American community.

Read more at The Boston Globe…

  • Eddie Murphy Drops Out of Oscar Telecast

Less than four months before the Oscars airs, the Academy is scrambling to fill crucial roles after Eddie Murphy dropped out as host of the show. The news comes just one day after his friend, Oscar co-producer Brett Ratner, resigned.

“I was truly looking forward to being a part of the show that our production team and writers were just starting to develop, but I’m sure that the new production team and host will do an equally great job,” said Murphy.

Ratner bowed out on Tuesday morning because of attention brought on by his public use of an anti-gay slur, and a subsequent discussion of his sexual habits on Howard Stern‘s radio program.

Read more at the New York Times…