The Great Recession & Shrinking Latino Wealth
PEW Hispanic Research just came out with a report that examines the impact of the “Great Recession” on the economic vitality of Latinos. Net worth for Latinos fell 66% – mostly related to home losses. Without a doubt, Latinos (and other minorities) were hit the hardest by the last recession. When it comes to employment numbers, the Latino workforce was impacted significantly:
Job losses were higher for Hispanic and black workers than for whites. The Hispanic unemployment rate (nonseasonally adjusted) increased from 5.9% in the fourth quarter of 2007 to 12.6% in the fourth quarter of 2009. The black unemployment rate increased from 8.6% to 15.6%. The increase in the unemployment rate for whites was much less, from 3.7% to 8.0%.
Those are really disappointing numbers.
@C…
Indeed Claudia. When you get into the “guts” of the report, you see that much of Latino wealth was caught up in the housing market – tradtionally a safe investment until a few years ago. We have much work to do! ; )
These numbers are not only disappointing but they are truly alarming. The question is what can we as “Latinos” do to buck this trend?
Jose- Thanks for the comment. Not doubt disappointing but not surprising. I’ve always noted that Latinos are making progress but still have much work to do on all fronts.