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Imagine that racial and gender gaps in the labor market did not exist. Would economic benefits extend beyond people no longer facing disparities? A team of Federal Reserve community development experts created a data simulation to find out, and the short answer is yes. For every state in the U.S. and Washington DC, eliminating gaps in average hourly earnings, hours worked, educational attainment and employment-to-population ratio would produce significant GDP gains.

During this session, national experts and Federal Reserve colleagues will engage in dialogue to explore and share the data simulation tool. They will discuss what it means for the ecosystem of public, private and nonprofit sector partners­—all of whom have roles to play in narrowing racial and gender gaps in labor market outcomes. The implications of this project are especially important after more than a year of economic challenges related to COVID-19. In bringing people off the sidelines and back into the economy, there are individual and institutional actions that can be taken to make sure that women and people of color are not left behind. The discussion will surface ideas for policies and practices that can be implemented in communities around the nation to create an economy that works for everyone.

Speakers:

  • Mary Daly, president and CEO, of the Federal Reserve Bank of San Francisco
  • Rachel Korberg, executive director, Family and Workers Fund
  • Nicole Mason, president and CEO, Institute for Women’s Policy Research
  • Vanessa Palmer, data scientist, Federal Reserve Bank of Minneapolis
  • Kathi Thomas-Gibson, director of community services, City of Las Vegas
  • Matuschka Lindo Briggs, director of special projects and strategic support, Federal Reserve Bank of St. Louis (moderator)