Black employment rates are plummeting, and the evolving wealth and income hit could fall on the shoulders of those ill-equipped to bear it.
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WASHINGTON — The coronavirus recession has hit black Americans particularly hard, amplifying racial inequalities that may worsen as the economy begins what is expected to be a slow climb back to where it was before the crisis.
Unemployment rates for black workers had dipped to an all-time low just before the pandemic, a piece of good news that the Federal Reserve had latched onto as a sign that a strong economy was generating broadly shared gains. The pandemic has swiftly ended that era.
Not to change the topic here:
'Saving Africa from pandemic key to global economic revival'
An Ethiopian economist has pleaded the international community not to forget Africa in its fight against the COVID-19 pandemic.
Speaking to Anadolu Agency, Abdurezack Hussein, the political economist said the strategic location of Africa makes it an important player in the global economy.
Abdurezack, who teaches economics at Addis Ababa University said while the share of Africa in global trade may be limited, but it is the destination of sizeable merchandise trade and financial inflows.
Negative interest rates could be needed for a 'V' recovery, Fed economist says
Getting the U.S. economy back to strong growth could require negative interest rates, according to a St. Louis Federal Reserve economist.
As many economists dismiss the likelihood of the current record-breaking slump being followed by an equally aggressive recovery, central bank economist Yi Wen said in a paper on the St. Louis Fed's website that achieving that kind of a rebound is necessary and possible.
The key, he said, is using aggressive stimulus even beyond what authorities deployed during the financial crisis, and that could include taking interest rates below zero.
Protests Spotlight Racial Economic Divide, As Blacks Lag In Jobs, Homeownership : NPR
Malaysia Hammond places flowers at a memorial mural for George Floyd in Minneapolis on Sunday. Police brutality has sparked days of civil unrest. But the sparks have landed in a tinderbox built over decades of economic inequality, now exacerbated by the coronavirus pandemic. John Minchillo/AP hide caption
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Minneapolis police officers initially confronted the man — George Floyd — on suspicion that he'd used a counterfeit $20 bill to buy cigarettes. The viral video of what followed captured an individual tragedy. But it's set against a backdrop of poverty and discrimination that have long colored relations between law enforcement and the African American community.
Other things to check out:
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A Record-Breaking Economic Boom Is About to Go Bust - WSJ
SYDNEY—The developed world's longest continuing economic expansion is approaching its expiration date.
Australia's 28-year growth streak survived a regional economic crisis in the 1990s, a global economic crisis in the 2000s, and a boom-bust cycle in its core commodity sector in the 2010s. Now, a recession looms after the economy contracted in the first three months of the year, as catastrophic bush fires and restrictions to slow the spread of the new coronavirus took a heavy toll.
Richard Fisher: Texas is the case study for economic recovery from the Covid-19 recession
Just as we are working to flatten the mortality curve of the pernicious Covid-19 virus, state governments are seeking to flatten the mortality curve of businesses and open them up again. Texas is an interesting case study.
I was for 10 years until 2015 president and CEO of the Federal Reserve Bank of Dallas. From that perch, I watched the statistical marvel of the job-creating machine that is the Lone Star state. I recall reporting to the Fed in 2009 that practically 100% of the net new private sector jobs created that year in the USA occurred in my Federal Reserve district, 98% of which is Texas.
How COVID-19 has heightened economic and racial inequality. : Planet Money : NPR
Protesters this weekend on Flatbush Avenue near the Barclays Center in Brooklyn, New York, chanting "get your knee off my chest." Stacey Vanek Smith /NPR hide caption
On today's show, why black Americans are being harder hit by the pandemic than other racial groups, and how the novel coronavirus is in no way, as some have called it, "the great equalizer."
Happening on Twitter
Jaw-dropping statistics show that less than half of black adults now have a job in this economic crisis we're in. https://t.co/UryhTWrMsO marclacey (from New York, NY) Tue Jun 02 11:36:06 +0000 2020
Stunning numbers. Less than half of black adults now have a job. https://t.co/r2dterFc6a kaitlancollins (from Washington, D.C.) Tue Jun 02 13:31:59 +0000 2020
Hundreds of protesters in New York's Times Square, including more than 100 medical workers who are used to being ap… https://t.co/wbXxI4WTpX nytimes (from New York City) Tue Jun 02 23:32:34 +0000 2020
New York City nurses and healthcare workers chanted 'Black Lives Matter,' and took a knee to honor protesters calli… https://t.co/PLT6e8tCNY Reuters (from Around the world) Tue Jun 02 22:35:00 +0000 2020
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