Black workers continue to face significant gaps in the labor market when it comes to promotion, pay and opportunity, costing the U.S. economy trillions of dollars.
If the Black wage, education, housing and investing gaps had been closed 20 years ago, it would have added an estimated $16 trillion to the economy, according to a report by Citi, with the Black pay gap alone accounting for $2.7 trillion.
Today, Black workers are overrepresented in low-wage entry-level jobs and underrepresented in senior leader and executive roles. In the U.S. private sector, Black workers make up 12% of the entry-level workforce and just 7% of the managerial workforce, according to McKinsey & Company.
