Economy Adds Jobs, But Hispanic Workers Continue to Struggle
(Washington, D.C.) – According to the monthly Employment Situation Report released today by the Bureau of Labor Statistics (BLS), the U.S. economy added 280,000 jobs during the month of May. The national Unemployment rate remained essentially unchanged at 5.5 percent, while the Hispanic Unemployment rate is still much higher – at 6.7 percent. The percentage of Americans in the workforce remains near a historic low, at 62.9 percent – while the participation rate among Latinos is much higher – at 66.2 percent. The millennial Hispanic Unemployment rate rose to 8.5 percent, which indicates continued challenges for those entering the workforce. While the economy has added jobs in recent months, other Economic Indicator s – such as Gross Domestic Product, consumer spending, and industrial production – remain discouraging.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“The economy is sending mixed signals and people remain worried about their financial security and employment going forward. With many indicators signaling stagnant — if not declining — growth, the economy is not on the sustainable growth path many expected. Despite six years of a “˜recovery’ only those connected to Washington seem to be thriving.
One of the critical tests of an economy’s health is whether middle-income families are able to put away some savings to plan a better future. Clearly, we are not there yet – and there’s no sign the White House has a plan focused to accomplish this. The answer is economic growth in the private sector. But more Taxes are debilitating new business start-ups, and new Regulation s imposed by the White House are costing our economy over$80 billion every year – an extremely heavy burden at a time when new business startups are experiencing a historic crisis. It’s time to remove costly and unnecessary mandates which are the reason we’re not seeing steady growth across other important indicators.”
For interviews with a LIBRE representative, please contact: Brian Faughnan, 703-678-4581 orJosh Rivera, 202-763-4428.