Hispanic Unemployment Rate Falls to 8.7 Percent
Unemployment Improves, but Many Left Behind
(Washington, D.C.) – According to the November jobs report released today by the Department of Labor, the overall U.S. unemployment rate fell from 7.3 percent to 7 percent. The unemployment rate among Latinos was significantly higher, at 8.7 percent – which represents a fall from 9.1 percent the month before.
But while this report represents improvement from the weak ones that have preceded it, the serious problems with the economy overall remain clear. Millions of Americans stopped looking for work during and after the recession of 2008-2009. If the labor force participation rate were at the same level it was just one year ago, the unemployment rate today would be 7.9 percent. Furthermore, the percentage of workers who are either unemployed or underemployed remains above 13 percent. Separately, the Commerce Department reported that wages and salaries rose just 0.1 percent in October – a significant dropoff from the previous month – showing the economy's continued weakness.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
"Today's jobs report is a reminder of how far we have to go to return to an economy that creates jobs and opportunity for the vast majority of the American people. An unemployment rate of 7 percent is still far too high – and it does not account for the many who have stopped looking for work. For Latinos, for young people, and for those who lack an advanced degree, it remains significantly higher.
More than four million Americans remain stuck in long-term unemployment. Even to get the rate down to 6 percent – still a high level – we would need to create far more jobs each month for the next year. Simply put, this economy is leaving too many behind."
For interviews with a LIBRE representative, please contact: Judy Pino, 202-578-6424 or Brian Faughnan, 571-257-3309.