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This study examines racial, ethnic and gender (REG) differentials in physical activity (PA), a significant input into human capital investments. We construct detailed and all-inclusive PA measures from the American Time Use Surveys, which capture both the duration and the intensity of each activity. Estimates suggest significant REG differentials in work-related and various modes of nonwork PA, with 30–65 percent of these differentials attributed to differences in education, socioeconomic status, time constraints, and locational attributes. These conditional PA differentials are consistent with and may play a role in observed REG disparities in health outcomes.