Friday, September 25, 2020

Latino Unemployment Rate Still Problematic Despite National Drop

Latino Unemployment Rate
The U.S. Bureau of Labor Statistics released a report with data that suggests that the unemployment rate went down to 7.7% from its January report of 7.9%, the lowest it has been since December 2008.

The recent report indicates that these numbers are a sign that the U.S. economy may be recovering from its recession.

Unfortunately, as previously reported on La Plaza, last month’s data also indicated that the unemployment rate for Latinos had risen, despite the job increase nationwide.

“It’s an outstanding report,” says Craig Alexander, Chief Economist at TD Bank Group. “Not only are the headlines good but the details are good as well. You very quickly run out of superlatives in this payroll report.”

The pressure is on, however, since the federal spending cuts that went into effect March 1st were not reflected in the data of February’s report.

These federal spending cuts will affect Latinos across the country, with, for example, an estimated 270,000 job-training slots for young adults likely being lost, the 30% Latino youth who are enrolled are bound to feel the effects.

“The improvement is still gradual, but at least things are moving in the right direction,” says Paul Ashworth, an Economist at Capital Economics.

The New York Times
The Washington Post