Black Workers Face a Tough Labor-Market Slog During Recessions

The U.S. Constitution may declare all men and women equal, regardless of color and background, but their labor market experiences are certainly not the same.

Black men and women are much more likely to lose their job in a downturn, Federal Reserve research finds, and that's the lead item in our economic research wrap this week. We also take a look at the tradeoffs facing the Fed, the evolution of the relationship between employment and inflation, and how stock market participation boosts innovation in China.

Check this column every week for the latest in economic studies from around the world.

Over the past four decades, black Americans have had higher unemployment rates that are more business-cycle tied than those of their white counterparts. Observable characteristics such as education do little to explain the discrepancy, Fed research shows.