UnidosUS Releases “Latinos and the Great Recession:10 Years of Economic Loss and Recovery” Report

A comprehensive analysis of the impact of the Great Recession on the Latino community’s economic well-being

WASHINGTON, DC—Today, UnidosUS (formerly NCLR) released “Latinos and the Great Recession: 10 Years of Economic Loss and Recovery,” an analysis of the impact of the Great Recession on the nation’s 58.8 million Latinos. The report will be discussed today at a late afternoon panel session in Miami, Florida featuring Congresswoman Debbie Mucarsel-Powell (D-FL 26), Congresswoman Donna Shalala (D-FL 27), Betty Alonso of Connect Familias and John Martinez of Centro Campesino. The featured panelists will be joined by UnidosUS economic policy experts and the author of the report, Stephanie Román, Senior Policy Analyst at UnidosUS. This report was made possible through generous support from the Prudential Foundation.

The report provides a national snapshot of the Latino community’s economic well-being before and after the end of the recession, focusing on select demographic and economic indicators—including employment and job quality, housing, health and nutrition, wealth and income—to understand how Latinos have fared in the decade since the Great Recession.

“The Great Recession officially ended in 2009, but many Latino families still feel the aftermath a decade later. Despite the Latino community’s strong work ethic and considerable contribution to our nation’s economic recovery, Latinos continue to experience limited wage growth and poor job quality. Latinos continue to feel the negative effects of policies that don’t address their needs and instead deepen wealth inequality,” said Román.

Among the report’s key findings:

  • From 2007 to 2013 alone, the Great Recession stripped a collective 42% of wealth from the Latino community in the United States.
  • The Latino homeownership rate hit its lowest point in 2014 at 45%. Prior to the recession, Latino homeownership had experienced a steady increase reaching a high of nearly 50% in the pre-recession years (2005-2007).
  • The highest unemployment numbers for Latinos occurred in 2010 when the rate was 12.9%. Due in part to the Latino community’s resolve and federal policies responding to the recession, the Latino unemployment rate decreased to 5.1% in 2017, its first return to pre-recession levels, yet still higher than the national average of 3.9%.
  • Underemployment—working part-time, despite preferring full-time employment—continues to be an issue for Latinos. Between 2007 and 2017 there was a 67.7% increase in the number of Latinos working part-time but wanting full-time work.

“The future economic competitiveness of the United States has never been more closely tied to that of Latinos, but that future is shaky given the inequities Latinos confront. To achieve economic justice for Latinos and ensure continued recovery and growth for our nation, we need bold and targeted investments at the national and state level, that help move more workers and families, including Latinos, from financially surviving to thriving,” concluded Román.

To read the full report: http://publications.unidosus.org/handle/123456789/1932