Modern Black Kings

Tribes and Kings

3/30/20221 min read

Black Men and the U.S. Economy: How the Economic Recovery Is Perpetuating Systemic Racism

In recent months, leading economists have touted that the labor market is recovering from the global pandemic and related recession, putting the United States on a path to reaching full employment. In December 2021, Federal Reserve Chair Jerome Powell stated: “The labor market by many measures is hotter than it ever was [before the pandemic].”1 In many regards, that is true: Unemployment is falling rapidly, dropping to 3.8 percent in February 2022, which, while still above the pre-pandemic rate of 3.5 percent,2 marks a historic and faster recovery than expected.3 Workers across all racial groups have experienced larger declines in their unemployment rate compared with the recovery after the Great Recession in 2008.4