Black women twice as likely as white men to suffer economically from COVID-19
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The COVID-19 pandemic is highlighting and exacerbating economic inequality in the U.S. New numbers reveal how risk associated with the virus is playing out for different demographic groups. We’re learning that risk is far higher in communities of color.
New research from McKinsey & Company explores the impact of COVID-19 on black Americans, looking at the industries and geographic areas where black people are working.
“Thirty-nine percent of black jobs are at risk, versus 34% for the broader population,” said Shelley Stewart, a partner at McKinsey. “And, yeah, some folks may say it’s only five percentage points, but that’s a pretty big difference.”
That could be close to a million additional black jobs at risk.
That’s echoed by research conducted by LeanIn.org, which found that risk of job loss is already a reality for many black women in particular.
“We know black women are twice as likely as white men to say they’ve been either laid off, furloughed or had their hours or pay reduced because of the pandemic,” said LeanIn chief executive Rachel Thomas.
One example of many: 48-year-old Zaborah Roane in Raleigh, North Carolina. She was working at an early childhood education center with about 10 toddlers before she was laid off due to COVID-19.
“I do miss them, now. I don’t even know if they’ll like even remember me,” Roane said. She also doesn’t know when she’ll go back to work. She’s getting some unemployment insurance and financial help from her union.
Roane was unsurprised to learn black women were feeling the economic impact more than others.
“We’re the ones that are in these industries that don’t have health insurance, that don’t have paid sick time off. We don’t make a lot of money. So we’re suffering a lot right now,” Roane said.
According to Thomas, the current economic shock has been exacerbated by inequality present before the pandemic.
“Women, on average, are paid 18% less than men here in the U.S.,” she said. “It’s worse for black women. They make 38% less than white men. It’s worse from Latinas. They make 45% less than white men.”
Thomas says those lower wages translate to less savings, which means less of a safety net when women are faced with an unexpected job loss of an unknown duration.
COVID-19 Economy FAQs
Pfizer said early data show its coronavirus vaccine is effective. So what’s next?
In the last few months, Pfizer and its partner BioNTech have shared other details of the process including trial blueprints, the breakdown of the subjects and ethnicities and whether they’re taking money from the government. They’re being especially transparent in order to try to temper public skepticism about this vaccine process. The next big test, said Jennifer Miller at the Yale School of Medicine, comes when drug companies release their data, “so that other scientists who the public trust can go in, replicate findings, and communicate them to the public. And hopefully build appropriate trust in a vaccine.”
How is President-elect Joe Biden planning to address the COVID-19 pandemic and the economic turmoil it’s created?
On Nov. 9, President-Elect Joe Biden announced three co-chairs of his new COVID-19 task force. But what kind of effect might this task force have during this transition time, before Biden takes office? “The transition team can do a lot to amplify and reinforce the messages of scientists and public health experts,” said Dr. Kelly Moore, associate director for the Immunization Action Coalition. Moore said Biden’s COVID task force can also “start talking to state leaders and other experts about exactly what they need to equip them to roll out the vaccines effectively.”
What does slower retail sales growth in October mean for the economy?
It is a truism that we repeat time and again at Marketplace: As goes the U.S. consumer, so goes the U.S. economy. And recently, we’ve been seeing plenty of signs of weakness in the consumer economy. Retail sales were up three-tenths of a percent in October, but the gain was weaker than expected and much weaker than September’s. John Leer, an economist at Morning Consult, said a lack of new fiscal stimulus from Congress is dampening consumers’ appetite to spend. So is the pandemic.
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