The labor market and the broader economy will become increasingly anchored by a young, dynamic population of Latino workers, a new study finds.
Joe Raedle / Getty ImagesA new study finds that both the labor market and the broader economy will become increasingly anchored by a young, dynamic population of Latino workers — a finding that has implications for everything from employers’ investment decisions to local economic diversification, to the functioning of critical social safety net programs., Latinos have contributed close to three-quarters of the entire labor force expansion that has taken place since the Great Recession.
There are over 60 million Hispanics, 41 million Blacks, nearly 19 million Asian-Americans, and 596 thousand Native Hawaiian and Pacific Islanders. The total White population is still larger than each of the four nearest racial or ethnic groups combined at over 328 million,But the balance is rapidly changing. The Latino and Hispanic population rose 70 percent from 2000 to 2019. Only Asian-Americans grew faster, increasing 81 percent.
Younger Latinos are not only contributing more to the workforce but also to the nation's entitlement programs by paying into programs like Social Security, Medicare, Medicaid, and many Veterans' Administration programs. While the overall labor force participation rate has struggled to break out of a narrow band around 61.7 percent, the labor force participation rate for Americans of Hispanic or Latino descent was 65.6 percent in August, according to data from the U.S. Bureau of Data Statistics. In 2019, Latino labor force participation was 68.2 percent in 2019, 5.5 percentage points higher than the rate of non-Latinos.
The U.S. Latino GDP Report finds that education and healthcare, professional and business services, and finance and real estate are the economic sectors in which Latinos contribute the highest dollar values, respectively, to U.S. economic output. “It really shows that the Latino GDP is much more diverse and broader than people would expect,” Dominguez-Villegas said.
The U.S. Latino GDP Report said that, between 2010 and 2019, the number of Latinos who earned bachelor’s degrees grew at a rate nearly three times that of non-Latinos. “Their education attainment will rise and the role they play in the economy will evolve. And as they get more education, they get more mobile,” Holzer said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ten Years of Facebook Employee Data—Who’s Up, Who’s DownWhich of Mark Zuckerberg's lieutenants has the most clout? A look at 10 years of Facebook annual employee lists provides clues
Read more »
Is Sheryl Sandberg’s Power Shrinking? Ten Years of Facebook Data Offers CluesTen years of Facebook annual employee lists provide an unusually detailed view of the company's shifting power centers and priorities
Read more »
Opinion | Will Biden’s Fall Be Worse Than His Summer?From WSJopinion: Will Biden’s fall be worse than his summer? From the Afghan debacle to his economic overreach, the White House has ample reason for alarm, writes peggynoonannyc
Read more »
Opinion | Angela Merkel Was Underestimated, and It Became Her SuperpowerHer 16-year reign is evidence that effective politics doesn't require losing your humanity.
Read more »
Pat Robertson Steps Down as Host of ‘The 700 Club’Influential Christian broadcaster Pat Robertson has stepped down as host of “The 700 Club,” a role he has filled since 1966 that helped make him a leading evangelical conservative figure
Read more »