Benga Adjolori

So that when people start to lose their jobs, Black households are the ones to lose their jobs and then other groups later.

And so seeing what's happening with the federal workforce, seeing what's happening with tariff regimes, that if we do head towards a recession...

what's going to happen is that this is kind of tells us a signal that something kind of a warning sign, or as you mentioned, the canary in the coal mine.

That's a very good question.

And one of the things that I look at is basically what's happening with people who've been unemployed for a long time, for like over 27 weeks.

What's happening there?

Or people who are marginally attached to the workforce, part-time for economic reasons, things like that.

In addition to the black unemployment rate, those are the things I'm looking at.

Are people able to be reattached to the labor market?

Because the other thing we've been noticing is a decrease in participation rate.

Explain participation rate then, if you would.

So these are people who are part of the labor force.

They may be working.

They may not be working.

And so as that starts to drop out, people – you think of these people as discouraged workers.

Like they don't feel good about the economy.

They don't feel good about the labor market.

So they're not even participating.

They're doing something else.

They're trying to find other ways to make ends meet.