WASHINGTON: Systemic racism and high unemployment levels among black and Hispanic Americans create a drag on the US economy, Dallas Federal ...
WASHINGTON: Systemic racism and high unemployment levels among black and Hispanic Americans create a drag on the US economy, Dallas Federal Reserve President Robert Kaplan said on Sunday .
The comments by the Fed policymakers follow weeks of nationwide protests against police brutality and racism after the May 25 death of George Floyd, a black man, in Minneapolis. The white police officer who knelt on Floyd's neck has been fired and charged with murder. Kaplan said the Dallas Fed and the Federal Reserve System have been working for years to improve skills training and education for blacks and Hispanics, who have long endured a higher level of unemployment than whites.Overall unemployment, which spiked dramatically during the shutdowns, is on the way down, Kaplan said, adding that he expects to see positive job growth starting this month.
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