Companies still aren't hiring Black men, despite 10.6 million open jobs in the US. It's costing the economy $50 billion.
, Black men are excluded from the workforce due to racist hiring practices, as well as being killed and imprisoned at higher rates than other groups. This doesn't just hurt Black men and their families and communities — CEPR estimates that the lost income from racial discrimination costs the overall US economy $50 billion a year.
The figure jumps to $50 billion when factoring in Black men of prime working age who die or are incarcerated. For that reason, as Austin told Insider, the unemployment rate is only part of the picture since it only captures people who are currently looking for work. The joblessness rate, or those who aren't working at all, is typically three times larger, he says.
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