Pandemic makes economic and racial gaps worse, Fed's Bostic says

ATLANTA — The pandemic has intensified inequality in America and, without decisive action by the federal government, many minorities and poor people could be left out of any economic recovery, said the president of the Federal Reserve Bank of Atlanta on Friday.Nationally, the unemployment rate for white people is 7.5%, compared to 13.1% for Black people and 10.5% for Latinos.Without going into specifics, Raphael Bostic said Congress and the Federal Reserve need to provide relief for jobless Americans and beleaguered businesses.Otherwise, even when the pandemic is over, “we’ll have some communi…

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