Hispanic Employment Sets New Record High in February

Craig Bannister | March 6, 2020 | 8:12am EST
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The national, seasonally-adjusted unemployment rate for Hispanics and Latinos was 4.4% in February, up from 4.3% in January, as the number employed set another new record while the work force participation rate rose to its highest mark in nearly ten years, the U.S. Bureau of Labor Statistics (BLS) reported Friday.

For Hispanics and Latinos in the U.S., both the number employed and the number unemployed rose from January’s level, as did the number participating in the labor force.

In February, the unemployment rate for Hispanics and Latinos, aged 16 and up, was 4.4%, up from 4.3% in January, and higher than its record low of 3.9% set in September of 2019. BLS began tracking Hispanic-Latino employment data in 1973.

The 28,531,000 Hispanics employed in February is up 134,000, breaking the record of 28,397,000 who had jobs in January. The number of unemployed Hispanics also rose, to 1,322,000, from 1,275,000 in January.

29,852,000 Hispanics participated in the workplace in February, up from 29,672,000 the previous month. Hispanics' labor force participation rate was 68.1% last month, up from 67.8% in January. This is the highest participation since the 68.1% rate recorded in March of 2010.

Hispanic-Latino employment statistics for February 2020:

  • Unemployment rate:  4.4%, up from 4.3% in January.
  • Civilian Noninstitutionalized Population (16+ years old): 43,820,000, up from 43,742,000 in January.
  • Number Participating in Labor Force: 29,852,000, up from 29,672,000 in January.
  • Labor Force Participation Rate: 68.1%, from 67.8% in January.
  • Number Employed: 28,531,000 , up from 28,397,000 in January.
  • Number Unemployed: 1,322,000, up from 1,275,000 in January.

In remarks at the Latino Coalition Legislative Summit in Washington, DC on Wednesday, President Donald Trump noted that, not only do more Hispanics have jobs, but their earnings and homeownership have also hit new highs:

“We’ve created three million new jobs for Hispanic-Americans.  Hispanic-American unemployment has fallen to the lowest rate ever recorded (3.9%, 9/19).  More than 600,000 Hispanic Americans have been lifted out of poverty; that’s a record.

“Median household income for Hispanic-Americans surpassed $50,000 a year for the first time ever, and it’s now at the highest level in American history.  That’s something really special, too.

“A record share of Hispanic households are now earning over $200,000 per year.  And we’ve increased Hispanic American homeownership by more than half a million homes.  That’s tremendous.

“We’ve seen the largest net gain in Hispanic-American homeowners ever recorded.  Our agenda is delivering remarkable opportunity and security to millions of hardworking Hispanic-American families.  Nearly 40 million Hispanic-Americans live in households benefiting from our expansion of the child tax credit — a big deal — providing an extra $2,000 yearly for the average family of four.”

Hispanic-owned businesses are prospering as well, and their proprietors have high hopes for the future, Trump said:

“Our nation’s 4.4 million Hispanic-owned businesses are growing at an astounding pace — really unparalleled — propelled by our groundbreaking campaign to remove job-killing regulations.  Our regulatory cuts alone will save $3,100 per household every single year — a number that was unthinkable if you go back three years.

“Four out of five Hispanic-owned small businesses expect their revenue to increase this year, and half of all Hispanic-owned small businesses plan to hire more workers.  In 2019, Latino businesses saw an astonishing 46 percent increase in revenues, which is incredible.  And it’s — think of that. 46 percent.”

(Source: U.S. Bureau of Labor Statistics)
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