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New York Federal Reserve Bank

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economics1 year ago

"Racial Disparities in Wealth Widened Despite Economic Gains, Reports Find"

Despite income gains and government financial support during the pandemic, wealth disparities by race grew as the real net worth of white individuals outgrew that of Black and Hispanic individuals, with a significant divergence in the values of financial asset holdings. Black and Hispanic households have a smaller percentage of investments in stocks and mutual funds compared to white households, and Black-owned businesses were more adversely affected during the pandemic. Treasury deputy secretary Walley Adeyemo acknowledged the need for policy prescriptions to address the significant wealth gap between Black and white households in America.

via KSL.com|
#economics#financial-markets#new-york-federal-reserve-bank
economy1 year ago

"Pandemic Widened Racial Wealth Disparities Despite Income Growth, Report Finds"

Despite income gains and government financial support during the pandemic, wealth disparities by race grew, with white individuals experiencing a 30% increase in net worth compared to Black individuals and a 9% increase compared to Hispanic individuals. The rise in financial asset prices, particularly in stocks, widened the wealth gap, as a larger percentage of white households have investments in stocks and mutual funds. Black and Hispanic households have more wealth concentrated in pensions, and Black-owned businesses were disproportionately affected by the pandemic. While there have been improvements in employment and wages for Black Americans, Treasury Deputy Secretary Walley Adeyemo suggested that policy interventions may be necessary to address the significant wealth gap between Black and white households in the U.S.

via ABC News|
#economy#financial-markets#new-york-federal-reserve-bank
economy1 year ago

"Pandemic Widened Racial Wealth Disparities Despite Income Growth, Report Finds"

Despite income gains and government financial support during the pandemic, wealth disparities by race grew as the real net worth of white individuals outpaced that of Black and Hispanic individuals, largely due to the outsize gain in financial asset prices, particularly in stocks. Black and Hispanic households have more wealth concentrated in pensions than in stocks and mutual funds, and Black-owned businesses were disproportionately affected by the pandemic. While there have been improvements in employment and wages for Black Americans, Treasury Deputy Secretary Walley Adeyemo suggested that policy interventions may be necessary to address the significant wealth gap between Black and white households in the U.S.

via Yahoo Finance|
#economy#financial-markets#new-york-federal-reserve-bank