www.hnmagazine.com HISPANIC NETWORK MAGAZINE
Unemployment for all Latinos decreased from
in April 2020 to
in October 2020, compared to
among all workers.
to The New York Times , as of last month that 24 percent has been reduced to 7.5 percent. The pandemic had a severe impact on the nations economy as businesses were shut- tered, workers were laid off and commerce ground to a halt. Despite the economic and emotional hit, Latinos stepped up for America and saved the day. Nearly one year into the pandemic, Latino employment, especially that of immigrant Latino males, improved significantly. Their strong work ethic, com- mitment to family and their lack of access to unemployment and other government help compelled them to find other ways to support their families. They continued to look for ways to work and provide for their families and contribute to the country, and statistics show that the level of Latino employment recovered at a remark- able rate. Latinos who lost their jobs due to COVID-19 shifted to essential industries to make up for income loss. They also found new jobs and created new businesses to the point that, by March 2021, Hispanic males had the highest share of the working-age population who are employed in the United States.
Early data on unemployment rates since the pandemic indicates Latinos will be the driving force of the nation's economic recovery.
Case studies of Latino entrepreneurs also demonstrate the flexibility to pivot and inno- vate faced with unprecedented challenges, a deep commitment to their community, and optimism about the future despite having fewer resources at hand and receiving fewer government-backed loans. Society needs to recognize the remarkable work ethic and sacrifice of Latinos during these difficult times, as well as ensure equal access to government programs supporting workers and business owners and continue to invest in health care access in the Latino community, said Ana Valdez, Executive Vice President, Latino Donor Collaborative. And anyone interested in restoring the United States Gross Domestic Product growth rate to healthy levels should care deeply about the well-being and invest in the fastest-growing segment of the nations GDP: the U.S. Latino Gross Domestic Product. Afterall. our nations future is intertwined with the health and wel- fare of this community and an investment in Latinos will pay major dividends in our full economic rebound and recovery.
Source: Latino Donor Collaborative (LDC)Previous Page