After a long stretch of financial hardship for many Latinos, it seems the tides may finally be turning. As the nation’s economy begins to add jobs, those positions are quickly being filled, and mostly by Latinos! Sixty percent of new jobs, most of which are in the areas of hotels, food services, healthcare and manufacturing, went to the Latino population according to the Huffington Post.
Though they account for merely 15 percent of the workforce, the Labor Department statistics cited by the Los Angeles Times reported that Latinos, “racked up half the employment gains posted since the economy began adding jobs in early 2010.” Though the two numbers may seem disproportionate, it is a necessary gain as Latinos took the biggest hit in median economic wealth from 2005 to 2009 watching it plummet 66 percent. Compare that number to a 53 percent drop in median economic wealth among blacks and a 16 percent drop among whites.
The Labor Department reported that the Latino unemployment rate for January 2012 was the lowest it’s been in 3 years at 10.5 percent. Though times are still hard, the numbers show hope on the horizon.