Economic Letter

How Do Business Cycles Affect Worker Groups Differently?

Racial disparities in socioeconomic outcomes for the U.S. population are often masked by aggregate statistics. Focusing on jobless rates by demographic groups shows that Black and Hispanic workers, particularly men, are the most sensitive to periods of economic growth and decline. Occupation plays a role in explaining the relative cyclical differences in unemployment rates across groups.

Our Framework for Change

The San Francisco Fed is dedicated to building an economy that works for everyone and helping ensure all Americans have the opportunity to fully realize their potential. We champion equity because research has demonstrated it supports our congressionally mandated mission to promote a healthy and sustainable economy and support the nation’s financial and payment system.

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