Since the job market has been very slow to pick up and thousands of people have yet to find a job still, people are very interested in the statistics and hardcore facts of the current job market. The BLS jobs report is anticipated each month and it has the ability to effect the health of the stock markets around the days it is released.
Aside from effecting the markets, jobs statistics can increase the optimism in American workers if the outlook is good or increase pessimism if it’s bad. However heavy these statistics may weigh on consumers and American workers, they are still interesting to look at and give us a great idea of how we have progressed. The latest statistics that caught Spark News’ eye are those provided by CNN Money. According to their findings, Asians and Hispanics living in the U.S. have a better jobs outcome than those of blacks and whites.
In a recent CNN Money article it was revealed that Asians and Hispanics suffered less job losses during the recession and are experiencing a faster growth rate of jobs during recovery than white and black workers. Specifically, Hispanics experienced a 2.4 percent job loss during the Great Recession. Asians closely followed with a 2.8 percent jobs loss. When compared to the national unemployment rate, these percentages don’t seem so bad.
In the same sense, Hispanics are experiencing a 6.5 percent jobs gain during recovery and Asians a 6.8 percent gain. In fact, both of these group’s employment levels are higher than they were before the Great Recession took place late in 2007. This is surprising since overall the nation hasn’t yet recovered to where it was before the recession. Furthermore, when you compare these numbers to those of whites and blacks, the difference is significant. According to the report, whites experienced 5.9 percent drop in employment whereas blacks saw a 7 percent drop. Conversely, whites are experiencing job gains at 1.1 percent and blacks at 2.2 percent. Compared to the 6.8 percent and 6.5 percent jobs recovery Asians and Hispanics are experiencing, these numbers are depressingly low.
What do you think the reason for such a large gap in percentage rates is?
SOURCE: CNN Money
IMAGE: Courtesy of Visual Economics