November Sees Lowest Latino Unemployment Rate Since 2008

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The Latino unemployment rate has dropped to its lowest November figure since 2008, according to the Bureau of Labor Statistics (DLS), which released its monthly unemployment figures this week.

The Latino rate has fallen to 8.6 percent. It was 8.5 percent in November 2008 and had risen steadily to a high of 12.7 percent in 2010. In the same time period the Hispanic labor force has risen by more than 2.9 million workers.

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The Latino unemployment rate is still higher than the overall unemployment rate for the country, which also saw a decline, falling to 7 percent. Total non-farm employment rose by 203,000 jobs from October with highest employment increases in transportation and warehousing, health care, and manufacturing.

The end of the government shutdown was a big factor in the job improvement figures according to the BLS.

“Among the unemployed, the number who reported being on temporary layoff decreased by 377,000,” the BLS said in a press release. “This largely reflects the return to work of federal employees who were furloughed in October due to the partial government shutdown.”

While the numbers are good, the BLS notes that the participation rate remains largely unchanged and there are still a lot of part-time workers that are hoping for better employment positions.

“Although the number of unemployed persons declined, the labor force grew by 455,000 in November, reflecting an increase of 818,000 in the number of those employed,” said BLS Commissioner Erica L. Groshen. “The gains in labor force and employment followed declines in October. The labor force participation rate, at 63.0 percent, changed little in November. The employment-population ratio rose by 0.3 percentage point to 58.6 percent, offsetting a decrease of the same size in October.

“Among the employed, the number of persons working part time for economic reasons fell by 331,000 to 7.7 million in November. These individuals would have preferred full-time employment, but had their hours cut or were unable to find full-time work.”

source-http://www.latinopost.com/articles/1896/20131210/november-sees-lowest-latino-unemployment-rate-since-2008.htm

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