Keywords: Latino, unemployment, U.S. Bureau of Labor Statistics, Hispanic Chamber of Commerce, manufacturing jobs, native countries, Inter-American Development Bank, home foreclosures, Latino business sector, gas and food prices
Latinos have been hit hard by the economic downturn in the last year, the U.S. Bureau of Labor Statistics says. The unemployment rate for Latinos in the United States was 7.4 percent in July, which is about 2 percent more than the national average, according to the bureau. "For the last year, Hispanics have been losing jobs at a faster rate than any other group," Agustine MartÃnez, president of the U.S. Hispanic Chamber of Commerce in Washington, told the New York Daily News.
The blame is put on the loss of construction and manufacturing jobs, specifically the rapidly disappearing textile industry, as well as stagnant salaries that average $520 a week. This is about $200 less than the overall population. So while gas and food prices continue to rise, salaries remain the same, and Latinos are feeling the burn in their pockets.
The Latino unemployment rate makes it difficult for some to send money back to their native country. In April, only 50 percent of Latinos said they've sent money to their families in their homelands, which represents a 23 percent drop over 2006, according to an Inter-American Development Bank poll. Latinos are also feeling a pinch with home foreclosures and in the business sector, where the Hispanic Chamber of Commerce says there's been a 0.6 percent drop in revenue, the first decline since 2002.
Click here to read the full story in the New York Daily News.
