Unemployment rates for young African American and Hispanic men without a college degree remain especially high, and one important benefit from further improvement in the labor market would be increased job opportunities for these men and other groups that currently still experience high unemployment.
To be sure, many of the factors that contribute to the labor market outcomes of minority groups are not amenable to monetary policy, and measures beyond the scope of monetary policy should be considered to alleviate the economic challenges that these and other Americans face. Education and training, of course, are vital.