A new report released Tuesday by Pew Research stated that the recent economic impacts from the COVID-19 pandemic has “has significantly harmed the finances of U.S. Hispanics,” adding that unemployment rates for U.S. Latinos exceeded that of the 2007-2009 Great Recession.
“As the United States locked down amid COVID-19, the unemployment rate for Hispanics increased from 4.8% in February to a peak of 18.5% in April before dropping to 14.5% in June, nonseasonally adjusted. This exceeds levels from the Great Recession of 2007-2009, when the unemployment rate peaked at 13.9% in January 2010. Hispanic women have experienced an especially steep rise in their unemployment rate, which jumped from 5.5% to 20.5% between February and April 2020. By comparison, the unemployment rate for Hispanic men rose from 4.3% to 16.9% during this time. In June, the unemployment rate of U.S.-born Hispanics (15.3%) was higher than that of foreign-born Hispanics (13.5%), after the rates for both groups peaked at more than 18% in April,” Pew noted.
In addition, Pew noted that (59%) of U.S. Latinos in May said “they live in households that have experienced job losses or pay cuts due to the coronavirus outbreak, with a far lower share of U.S. adults (43%) saying the same.” According to Pew, 70% of U.S. Latinos believe that the “worst is yet to come.”
As for their views of the economy, only 18% of U.S. Latinos rated the nation’s economy as either excellent or good in June. This is close to a 30-point drop from April. Even with this decrease, 48% of U.S. Latinos say they expect economic conditions will better a year from now.
There is also very strong support from U.S. Latinos about COVID-19 economic aid, with 78% saying it will be necessary, as opposed to 71% of the general population.
That trend continues when it comes to specific proposals.
The complete report can be accessed here.
the economy will not bounce back in a year. more like 3-5 years.