Hispanic community registers record low unemployment rates

The Hispanic community continues to gain weight in the workforce across the country. According to official data from the U.S. Bureau of Labor Statistics, the unemployment rate among Hispanics in July was 3.9%, a 20-year low for this community.

This is the first time in two decades that the Hispanic unemployment rate has dropped below 4%. The figure that was closest to July 2022 was in September 2019 (when it registered 4%). Previously, between 2002 and 2018, the jobless rate rarely fell below 5% (only in October 2006 and November 2017).

Of the 30,363,000 working-age Hispanics, just over one million (1,193,000) were unemployed. As many as 29,170,000 Hispanics were employed in July.

In April 2020, in the midst of a pandemic, the unemployment rate among the Hispanic community had risen to a shocking figure of 18.8%. However, just two and a half years later, that very same statistic has fallen almost 15 points to 3.9%.

Upon reflection, this data provides not only a clear indication of just how increasingly present the Hispanic community has become within the workforce, but also, how influential it has become in the US labor market as a whole.

Additionally, the numbers continue to show a clear stabilization of the Hispanic unemployment data that further confirms this community’s complete integration into society.

More recently in August, reports showed that the unemployment rate among Hispanics rebounded slightly, showing a rise of 0.6%, to stand at 4.5%. Despite this, the number of Hispanics of working age grew by 600,000, to 30,918,000, and those who are employed to 29,539,000.

Unemployment in the United States

According to the latest report from the Bureau of Labor Statistics, in August, the unemployment rate for the total U.S. population stood at 3.7%, a slight increase of 0.2% over July. In total, 6 million people are unemployed, 344,000 more than in the previous month.

Along with the Hispanic unemployment rate, the male unemployment rate also increased. However, unemployment among women, teenagers, whites, blacks, and Asians was virtually unchanged between July and August.

The Bureau of Labor Statistics also notes that 10,100,000 job openings were created in August, down from 1,100,000 job openings from the previous month. It was in healthcare and retail trade where the largest decrease in vacancies occurred.

THE EMPLOYMENT SITUATION - AUGUST 2022 by VozMedia on Scribd