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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

Poll: U.S. satisfaction hovers near historic lows as economic ratings improve slightly

Photo illustration: Sarah Grillo/Axios

Confidence in the U.S. economy remains below its early 2020 levels, though signs of a market bounce-back have improved Americans' views on current economic conditions this past month, according to a Gallup survey out Thursday.

Why it matters: Americans' satisfaction with the state of the union is holding close to historic lows, even as sentiments surrounding the U.S. economy slightly improve based on bright spots in employment numbers and stock market rallies. That, combined with President Trump's job approval rating — which rests below 50% — is "problematic" for his re-election ambitions.

Biden condemns Russian aggression on 7th anniversary of Crimea annexation

Putin giving a speech in Sevastapol, Crimea, in 2020. Photo: Mikhail Svetlov/Getty Images

President Biden reaffirmed U.S. support for the people of Ukraine and vowed to hold Russia accountable for its aggression in a statement on Friday, the 7th anniversary of Russia's 2014 invasion of Crimea.

Why it matters: The statement reflects the aggressive approach Biden is taking to Russia, which he classified on the campaign trail as an "opponent" and "the biggest threat" to U.S. security and alliances.

Erica Pandey, author of @Work
3 hours ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.