Wednesday, July 24, 2024

Bureau of Labor Statistics Release Data that Shows Significant Drop in Latino Unemployment Rate


As the nation’s overall unemployment rate continues to fall, recent data released by the U.S. Department of Labor’s Bureau of Labor Statistics suggests that the Latino unemployment rate is also declining significantly. According to the Bureau of Labor Statistics, the Latino unemployment rate dropped to 6.9%, a rate that has not been that low since May 2008.

U.S. Department of Labor Secretary Thomas Perez said that, “things are unquestionably moving in the right direction, but we can do even better.” The secretary continued, “the Labor Department and the Obama administration are working harder than ever not just to create more jobs and accelerate growth, but to strengthen the middle class and build an economy that works for everyone.”

Using data from September 2014, the Bureau of Labor Statistics found that decreases in unemployment were not gendered but in some instances industry specific. Experts at the National Council of La Raza noted that employment gains were most significant in industries where Latinos tend to comprise a larger share of the workforce. Furthermore, Latinos are benefiting from payroll increases in these industries such as residential construction and administrative and waste services.

Poverty rates among Latinos are also expected to decline as the community’s unemployment rate goes down. Perez noted that there is still a lot of work to be done because the Latino unemployment rate still remains higher relative to the national average. “The challenge now is to expand opportunity further, to help more people benefit from this recovery, and to ensure that prosperity is broadly shared,” said Perez.

Latin Post