Economy Recovering But Racial Disparity Persists
In July, the economy continued on a steady, measured path of recovery from the pandemic, but racial disparity in the labor market persists.
Employment of white workers grew by 1.1 million, compared with only 12,000 for Black workers, a wide gap in relative employment growth. While the Black unemployment rate fell by one percentage point to 8.2%, it remains significantly higher than the white rate of 4.8%. Bottom line: African Americans remain in the caboose as the economic train moves steadily toward recovery and full employment.