US Latino Unemployment Rate: Latinos Job Rate Grew Faster Than Other Minorities, Unemployment Rate Down From Last Year
The U.S. Latino unemployment rate has reportedly decreased to its pre-Great Recession levels and has improved at a faster rate compared to other minority populations.
According to the White House's latest economic report, the Latino unemployment rate recovered 100 percent to its pre-recession average, a better rate compared to 87 percent for Asians, 91 percent for African Americans and 96 percent for whites.
"The labor market gained strength in 2014, and numerous indicators illustrate that the recovery is robust. Now that much of the direct challenges of the recession are behind us, the United States must turn its attention to ensuring that the benefits of the recovery are widespread, benefiting more middle-class families," noted the "Achievements and Challenges in the U.S. Labor Market" chapter of the Economic Report of the President.
For February, the U.S. Latino unemployment rate declined following a minor increase in January. The U.S. Bureau of Labor Statistics (BLS) revealed the Latino unemployment rate is 6.6 percent, down from 6.7 percent. In comparison to February 2014, the Latino unemployment rate dropped from its seasonally adjusted rate of 8.1 percent.
More Latinas are unemployed than Latino males, with 6.1 percent to 6 percent, respectively.
The construction industry has been vital for Latinos. Before the recession, 14 percent of Latinos, which equated to nearly three million people, were employed in construction. During the recession, the construction industry encountered difficulties, but 2014 saw more than 500,000 jobs added and 315,000 of those positions were given to Latinos.
The BLS noted more than 24.2 million Latinos are employed, regardless of industry, but 1.7 million Latinos are unemployed. The rate of Latinos not in the labor force, which represents the number of people not seeking employment, is 13.28 million people.
Among the African American population, the February unemployment rate was higher compared to Latinos with 10.4 percent. The number of African Americans not in the labor force is lower compared to Latinos with 12.1 million.
With the Asian American population, the unemployment is at 4 percent while approximately 5.3 percent are not in the labor force. With whites, nearly 118 million people are employed, but 4.7 percent are unemployed. The number of Caucasians not in the labor force are also the highest compared to other populations with 73 million.
Overall, 5.5 percent of Americans are employed as a result of 295,000 new jobs. The BLS said the employment gains occurred in the "food services and drinking places, professional and business services, construction, health care, and in transportation and warehousing."
"The unemployment rate of 5.5 percent is the lowest it's been since the spring of 2008. And in 2014, unemployment fell in all 50 states for the first time in 30 years," said Secretary of Labor Thomas Perez. "But this isn't a moment to take a victory lap or spike the football. We're doing very well, but we can do even better, especially with so many working families still not being lifted by the rising tide."
Perez noted the last 12 months have seen at least 200,000 new jobs, which is the longest streak in almost 20 years.
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For the latest updates, follow Latin Post's Michael Oleaga on Twitter: @EditorMikeO or contact via email: m.oleaga@latinpost.com.
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