Unemployment Remains Steady But Participation Rate Lowers
(Washington, D.C.) – The national unemployment rate remained at 5 percent for the month of April, while the labor force participation rate lowered to 62.8 percent, according to the Bureau of Labor Statistics (BLS). This is the lowest amount of jobs added in the last seven months, paired with a large number of Americans leaving the workforce altogether – a combination that exacerbates an already fragile economic situation. Fifty-nine percent of Americans believe the economy is getting worse, which may be due to the fact that the average workweek – now at 34.5 hours — is still not enough to be considered full-time. Furthermore, wages have not picked up to the point where it can offset fewer hours worked.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“This last month was not good for the Hispanic community. The unemployment rate among Latinos rose significantly (from 5.6 to 6.1 percent) and our participation rate – while still above the national average – dwindled to 65.7 percent. At a time where analysts, and even President Obama, profess that the economy is thriving, Hispanics are being pushed out of the work force. There needs to be a willingness to recognize the problems that overregulation creates, and remove barriers to success to the driving force of our economy – entrepreneurship. As the lingering effects of the Great Recession remind us each month, more government intervention only means less opportunity for workers.”