Unemployment Hits Five-Year Low; Hispanics Fill 41 Percent of Jobs
According to data released by the U.S. Department of Labor, overall unemployment has decreased from 4.7 percent in April to 4.6 percent in May, a new five-year low. The Hispanic population has also seen a significant dip in unemployment, from 5.4 percent in April to 5.0 percent in May.
According to reports from HispanicBusiness.com, in May, job growth for Hispanics was less than usual (mirroring the overall U.S. labor market trend), adding only 65,000 new jobs. At the same time, the number of Hispanics considered unemployed dropped by 74,000 individuals. This represents those that found work as well as an additional 9,000 Hispanics that left the labor market altogether. Together, this created the unemployment rate drop of 0.4 percentage points.
On an annual basis, employment of Hispanics increased by 977,000 jobs, bringing the Hispanic unemployment rate down from 5.9 percent in May 2005 to the current 5.0 percent. Overall, the U.S. economy added 2,405,000 jobs since May 2005. Hispanics filled 40.6 percent of those positions, despite being only 13.6 percent of the total U.S. labor force.
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