https://www.forbes.com/sites/christianweller/2023/03/11/people-of-color-see-higher-and-rising-unemployment-in-possible-signs-of-softening-economy/?sh=42af98e841cb
Saturday, March 11, 2023
People Of Color See Higher And Rising Unemployment In Possible Signs Of Softening Economy
Despite the labor market showing overall strength, communities of color are still struggling with higher unemployment rates, which could be a possible sign of a softening economy, according to this article in Forbes. For instance, the unemployment rate for Black workers was 5.7%, and for Latino workers was 5.3%, compared to 3.4% for Asian workers and 3.2% for white workers. These gaps have persisted even as the labor market recovered from the pandemic-induced recession, and in recent months, the gap in unemployment has even increased for some communities of color. The unemployment rate for Latinos rose from a recent low of 3.9% in September 2022 to 5.3% in February, and for Asian workers, it increased from 2.5% to 3.4% during those months. Digging deeper into the data for Latino workers, the rise in unemployment is especially pronounced among Latino men, whose seasonally unadjusted unemployment rate increased from 4.6% in February 2022 to 6.4% a year later, while the unemployment rate for Latina women barely increased from 5.1% to 5.4% during that year. The article also highlights the risks of a slowdown or even a recession, as Republicans are refusing to give the federal government the ability to pay its bills, while the Federal Reserve seems poised to raise its key interest rates further. When economic growth falls, many more people of color are likely to feel the economic pain of unemployment and financial distress before white people will.
https://www.forbes.com/sites/christianweller/2023/03/11/people-of-color-see-higher-and-rising-unemployment-in-possible-signs-of-softening-economy/?sh=42af98e841cb
https://www.forbes.com/sites/christianweller/2023/03/11/people-of-color-see-higher-and-rising-unemployment-in-possible-signs-of-softening-economy/?sh=42af98e841cb
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2 comments:
It is so unfortunate to see that there are still an incredibly high number of disparities between people of color and white people in the US. I would acknowledge, however, that Latino men are more likely to be seasonally employed in fields like agriculture, whereas Latina women are more likely to be employed for longer periods of time or yearly in work such as nannying or other form of caretaking. In terms of the way this impacts the economy in the long run is failing to lessen the wealth gaps between people of color and white people in this country.
This is very important to discuss when looking at equality and equity in the labor force. Is this data just within the United States? Or is this internationally. I have a feeling that if we were to compare the statistics of the United States to other nations, that we would see that other nations such as Denmark or other European nations are more likely to provide equal wages for people of different races.
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