2013 Culminates With Weakest Job Growth in Years
Latino unemployment rate remains above national average
(Washington, D.C.) – The monthly unemployment report for December, 2013 released today by the Department of Labor shows the economy created a net of just 74,000 jobs in the month – with an unemployment rate of 6.7%. The Latino unemployment rate remains well above the broader national average, at 8.3 percent. This overall decline is largely due to the fact that nearly 350,000 people stopped looking for work and therefore are no longer counted as unemployed.
The percentage of people working or looking for work towards the end of 2013 was at its lowest level since 1978 – suggesting that more and more Americans are simply giving up on finding employment. Nearly 4 million people have been unemployed for 27 weeks or more. These findings come on the heels of a new report from the Census Bureau showing that roughly one in three Americans fell into poverty between 2009 and 2011, with Hispanics being the most likely demographic to experience poverty.
The failure of this administration to effectively promote real private sector growth is one reason that 47 percent of Americans say the President is too hostile toward business. Concerns about the lack of new ideas have led nonpartisan groups that support economic growth to push hard for a changed agenda. Regrettably, there are few new ideas coming from Washington.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
"The best proof of insanity is continuing to do the same thing and expect different results. That is what is going on in Washington. It is clear that the governing model is not working for Americans. While the Administration claims credit for economic growth, millions are being left behind. Working families need more than just a rising stock market pumped up by inflationary Fed monetary policy instead of real growth. They need jobs with a future – jobs where they can acquire skills, prove their worth, and enjoy rising wages over time. The nation's Latino community in particular is suffering and being left behind in every sense of the word. We must stop the insanity and the broken promises – with a persistent unemployment rate much higher than the national average, greater numbers in poverty, and diminishing incomes. It's time for a different approach."
For interviews with a LIBRE representative, please contact: Judy Pino, 202-578-6424 or Brian Faughnan, 571-257-3309.