The Great Recession & Shrinking Latino Wealth

PEW Hispanic Research just came out with a report that examines the impact of the “Great Recession” on the economic vitality of Latinos. Net worth for Latinos fell 66% – mostly related to home losses. Without a doubt, Latinos (and other minorities) were hit the hardest by the last recession. When it comes to employment numbers, the Latino workforce was impacted significantly:

Job losses were higher for Hispanic and black workers than for whites. The Hispanic unemployment rate (nonseasonally adjusted) increased from 5.9% in the fourth quarter of 2007 to 12.6% in the fourth quarter of 2009. The black unemployment rate increased from 8.6% to 15.6%. The increase in the unemployment rate for whites was much less, from 3.7% to 8.0%.