Hispanic Unemployment Rate Increases: Jobs’ Report
December saw a decline of 156,000 Jobs for Latino Workers
(Arlington, VA) – The December 2023 jobs report shows that although 216,000 jobs were added to the economy, the unemployment rate for Hispanics ticked up to 5 percent. According to the household survey, Hispanic employment saw a decline of 156,000 this month and also a decline in Hispanic labor force participation rate for the 4th month in a row.
The December job numbers came in above expectations, which may keep any Fed rate cuts at bay for the immediate future, making it harder to return to a period of stable prices. However, estimates are showing that 2024 may be marked by greater labor market cooling which would likely include increases in unemployment and slower rates of hiring.
Isabel Soto, policy director for The LIBRE Initiative, issued the following statement:
“In case the Latino community needed further proof that the White House’s narrative on Bidenomics has been out-of-touch, we can look at the reality of the labor market and prices over the past year. The expected labor market cooling would mean higher unemployment, and if we take lessons from past downturns, Hispanics will bear the brunt of that increased unemployment.”