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Hispanics Continue to Fare Poorly in Weak Economy
(Washington, D.C.) – Today the Bureau of Labor Statistics released the employment report for the month of October. The economy did not meet expectations, adding 214,000 jobs during the month, while the unemployment rate fell to 5.8 percent. At the same time, the percentage of Americans currently in the labor force remains near historic lows, and wages are barely keeping up with inflation. For Hispanics, the unemployment rate is significantly higher than the country's – at 6.8% percent – and the number of Latinos forced into part-time work is not improving. In fact, it increased from 1.24 million to 1.35 million this month. Additionally, 1 in 4 Hispanics are among the long-term unemployed.
Daniel Garza, Executive Director for The LIBRE Initiative, released the following statement:
"This week the American people made clear that the policies being followed in Washington simply aren't good enough. Median incomes are still below 2009 levels, and the cost of living is rising. People are worried about where the next paycheck will come from, how they will cover their bills, as well as dealing with the onslaught of regulations and taxes that continue to come from Washington.
The people know we can do better. They want the new leadership in Washington to work together – but more than that, they expect a change from the failed policies of the past. They know that more debt, more regulation, and more spending, are not a path to expanding economic opportunity. Reducing the cost of government is a better approach – one that will allow families to keep more of their paychecks, while enabling entrepreneurs and businesses to invest and grow."