Robert Kaplan, president of the Federal Reserve Bank of Dallas, told CBS News' "Face the Nation" Sunday that systemic racism is a constraint on economic growth, and that a more "inclusive" economy with equal opportunities will lead to faster workforce growth and higher productivity.

Why it matters: Protests in major cities around the United States were ignited by the killing of George Floyd in Minneapolis, but they have expanded beyond demonstrations against police brutality to include economic and educational injustices faced by people of color.

What they're saying: "We've made a big point and have been at the Dallas Fed, and across our entire Federal Reserve system, to help improve skills training, to improve educational attainment," Kaplan said.

  • "Because we strongly believe a more inclusive economy will lead to better growth. For years, blacks and Hispanics have had an elevated level of unemployment versus whites. That started to improve dramatically in the last few years. We've now taken a step back as a result of this [coronavirus] crisis."
  • "But a more inclusive economy where everyone has opportunity will mean faster workforce growth, faster productivity growth, and we'll grow faster. And so I think we're right to focus on this and bore in on this. It's in the interest of the U.S. The fastest-growing demographic groups are blacks and Hispanics. If they don't participate equally, then we're going to grow more slowly."

The big picture: So far, more black Americans have lost their jobs than white Americans as a result of the coronavirus-driven recession.

  • The virus has also disproportionately affected black Americans, who face a higher risk of contracting and dying from the coronavirus.
  • Goldman Sachs said that based on loan data, black American business owners have not received the same level relief from the Paycheck Protection Program as other businesses, primarily because they operate in low-income, underbanked communities.

Go deeper: Chronic health conditions, inequality put people of color at higher risk for coronavirus

Go deeper

57 mins ago - Health

Cash can't fix the economy's problems until the coronavirus is curbed

Illustration: Sarah Grillo/Axios

There's plenty of money. It's just not moving to where it's needed.

Driving the news: Thursday's jobs report showed 4.8 million jobs created in June, but those were overwhelmingly people beginning to return to places where they had been temporarily laid off. The number of "permanent job losers" went up, not down, rising 25% in just one month to 2.8 million from 2.2 million.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 10,742,416 — Total deaths: 517,162 — Total recoveries — 5,515,076Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 2,699,658 — Total deaths: 128,184 — Total recoveries: 729,994 — Total tested: 32,827,359Map.
  3. States: Florida reports more than 10,000 new coronavirus cases — 5 states saw 27% spike in heart-related deaths in first 3 months of coronavirus pandemic.
  4. Federal government: Coronavirus testing czar: "We are not flattening the curve right now"
  5. Sports: 9 more NBA players test positive for coronavirus.

Coronavirus testing czar: "We are not flattening the curve right now"

Adm. Brett Giroir, the Health and Human Services official overseeing the nation's coronavirus testing efforts, told Congress Thursday that the U.S. is "not flattening the curve right now," and that the nationwide surge in new cases is not simply a result of more testing.

Why it matters: President Trump said at a press conference just hours earlier that the U.S. is getting the coronavirus "under control." He and other top members of his administration have sought to downplay the growing surge in infections as largely a product of increased testing.