The Effect of the Recession on the Hispanic Community in the US
The Effect of the Recession on the Hispanic Community in the US
Before the recession, Hispanics opened at more than twice the national rate in the United States. In 2007, it generated about $345 billion in sales. A large percent of Hispanic businesses were owned by the Mexicans, followed by Cubans and Puerto Ricans.
However, when the global recession started last 2008, many of the industries that hire a majority of Hispanics, like construction, retail, production and manufacturing have been largely affected. A Pew Hispanic Center study in 2008 showed that Hispanic workers have lost 156, 000 jobs in the construction sector alone. The unemployment rate for Hispanics was 12.3 percent, slightly higher than the overall rate of 9.4 percent for the whole labor force.
Hispanics were really hard hit by the recession. Even people with white-collar jobs were also heavily affected by the economic recession in the US. Some professionals like accountants, teachers, company supervisors, Information Technology people, etc., were having worries on their salary decrease, or lose their jobs. For instance, the so-called Hispanic "abogados" were worried about the danger of lay offs in the law firms. Compared to those of their white colleagues, the workloads of black, Asian American, and Hispanic lawyers are lighter, and their billable hours are lower. Hence, they couldn't afford to lose their job as a worse case scenario.
The current recession also affected the Hispanic health. According to a new survey, in collaboration with the National Hispana Leadership Institute and impreMedia.,it has forced many middle aged Hispanics to cope by making increasingly difficult decisions that may affect their long-term health and financial security. They were having some difficulties in managing their own income, especially those who support their parents and children. As a result, their physical, intellectual, and emotional, and mental health were affected.
In case of education, schools and university officials were forced to increase the amount of tuition fees affecting the minorities who were receiving lower salary rates. Consequently, many parents were not able to send their children to schools anymore. It was an extremely worrying time for the students particularly those who have high debts.
On the other hand, Hispanic people remain optimistic on their future. Since, their population is the fastest growing among the minority groups in the United States, this expectation disregards the present effects of the recession. Investors may remain attached to the Hispanic market and confident in their purchasing power.
http://www.articlesbase.com/economics-articles/the-effect-of-the-recession-on-the-hispanic-community-in-the-us-3667015.html
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