Touring the young United States in the early 1800s, Alexis de Tocqueville was struck by how confident its residents were: "They all consider society as a body in a state of improvement." And indeed, American optimism has become something of a cultural stereotype. Now, however, there are signs that this optimism is fraying — and more in the Twin Cities than in most of the country.

McKinsey & Company recently surveyed 25,000 Americans about their view of the future, the pandemic and their identity. Some findings are not surprising: Black Americans (41%), Hispanics (25%) and women (24%) are much more likely than whites (9%) and men (11%) to think their identity hurts their job prospects. Women are more worried about affording child care than men. And, yes, COVID hit hard — about a third of all respondents said they had suffered loss of a job or income in 2020, and a quarter were concerned they could lose their home. The optimism deficit was also clear: Only 43% believed most Americans have a chance to find good jobs and a third that people were fairly rewarded for their work or are paid enough to afford a good quality of life.

For the Twin Cities, the period since the murder of George Floyd has been particularly tumultuous. Even so, it is troubling that of 17 urban areas surveyed, we ranked in the bottom third in terms of economic sentiment.

The racial disparities are particularly stark. Only 29% of Blacks in the Twin Cities region believe that most people can find good jobs — many fewer than among Black Americans as a whole (40%) or compared with their fellow Minnesotans (46%). Moreover, 56% of Blacks in the Twin Cities say their race hurt their job prospects, a level 15 percentage points higher than the national average and the highest of any city surveyed. Blacks and Hispanics in the Twin Cities were also much more likely to have lost income over the course of the pandemic; Blacks in particular were feeling much more vulnerable economically. Both groups cite affordable health insurance as a significant barrier to their well-being at much higher rates than the U.S. average.

On the other hand, the Twin Cities as a whole weathered the pandemic slightly better than the rest of the country, with a lower percentage reporting difficulty covering expenses. Interestingly, 34% of Black residents believed their identity actually helped their job prospects — a considerably higher percentage than in the rest of the United States (22%). The region's Hispanic residents were markedly more optimistic than those in the rest of the country about economic opportunity. The area is also more gay-friendly, with only 18% saying their sexual identity hurt them on the job (compared with 28% in the country as a whole) and 20% saying it was actually a positive.

Across race, gender, income and education, COVID-19 exacerbated existing inequalities; it would be a shame if the emerging recovery resulted in more of the same. Improving racial and social equity is a national concern, but there is wide scope for local action. In the Twin Cities, many businesses have pledged to do more, and indeed the private sector here has a long track record of constructive civic action. But how? The survey offers some hints.

Looking specifically at Black Minnesotans, more than half said that lack of experience, training or education was a barrier to changing jobs — 23 points more than the national average; 57% were interested in training programs or acquiring new skills. They were much more likely than other Black Americans — and three times as likely as their white neighbors — to cite a lack of financial services as a problem, and also considerably more likely to say they cannot afford internet access. Providing training, expanding access to broadband and offering affordable financial services — these are all things where the private sector can lead.

Despite all the difficulties of the last year and a half, it's important to recognize that Minnesota's Black residents are far from despairing — rather the opposite. They have a stronger sense of optimism that their future could be better. In fact, the sense of economic opportunity among Black residents is the highest of any group in the region, regardless of income, and third-highest in the entire country. They want to pursue the American dream — and companies can play an important role in delivering on that promise.

Kweilin Ellingrud is a senior partner in McKinsey & Company's Minneapolis office. She is at Kweilin_Ellingrud@mckinsey.com. On Twitter: @KweilinE.