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The Void Of Black Men In the Workforce Is Costing the U.S. Economy $50 Billion Annually, Report Says

The Void Of Black Men In the Workforce Is Costing the US Economy $50 Billion Annually Report Says

Black men are still having difficulty finding work in the United States. According to Labor Department data, the unemployment rate for Black men was 7.3 percent in November 2021, compared to 3.4 percent for white men. Even though the United States recorded 10.6 million unfilled jobs in November, some 697,000 Black men are still hunting for work.

The truth is that employers still refuse to hire Black males. According to a new study, not hiring them to fill available positions costs the economy $50 billion.

According to a new report by the Center for Economic and Policy Research, black men are barred from the workplace due to racist hiring practices, as well as being killed and imprisoned at higher rates than other groups (CEPR).

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The absence of Black men in the workplace has repercussions. It has a severe impact on Black males, their families, and their communities, as well as costing the government billions of dollars each year.

According to Algernon Austin, the CEPR study’s author, if the government focused on eliminating the Black-white jobs gap, “we might add nearly $30 billion yearly to Black communities and make a major decrease in Black poverty.”

When you take in Black men of prime working age who die or are incarcerated, the total jumps to $50 billion. According to the Bureau of Justice Statistics, African-Americans had the greatest incarceration rate of any ethnicity in local prisons in 2020, with 465 incarcerations per 100,000 of the population.

According to a Brookings Institution research published in March, jailed Black men make up a third of all Black men who are excluded from the workplace.

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Unemployment among black men has long been high.

There is never a period of “low” unemployment among Black men.

According to Austin, the unemployment rate for Black men has never been “low.” It’s always been very high, very high, or extremely high.

Despite the fact that companies refer to the current labor shortfall in the United States as a “shortage,” Black males continue to be underemployed.

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Read more stories like this at Finurah here.

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