The State of Communities of Color in the U.S. Economy Report Looks at How Well Communities of Color Are Faring in 2011
Submitted by Janine Fondon, UnityFirst.com
- Substantial differences in economic security exist by race and ethnicity. The unemployment rate for African Americans, for instance, was 15.8% in the fourth quarter of 2010, compared to 12.9% for Latinos, 7.3% for Asian Americans, and 8.7% for Whites.
- Home ownership rates tell a similar story. In the third quarter of 2010, the home ownership rate for African Americans was 45%. The home ownership rate for Latinos was 47% and the home ownership rate for Whites was 74.7%.
- Racial and ethnic differences have worsened or stayed the same during the recession and recovery. Unemployment rates rose faster for African Americans and Latinos than for Whites while homeownership rates fell faster. Trends for poverty rates, health insurance coverage and retirement savings also show widening gaps by race and ethnicity throughout the recession and recovery after 2007.
- Economic security losses during the recession and recovery exacerbated the already weak situation for African Americans. They experienced declining employment rates, rising poverty rates, falling home ownership rates and decreasing health insurance and retirement coverage during the last business cycle from 2001 to 2007. The recession that followed made a bad situation much worse.
- The recession and recovery quickly eliminated the modest gains that Latinos had seen during the last business cycle. Latino homeownership rates in 2010, for instance, were again close to their levels in 2001 even though Latino homeownership rates had risen from 2000 to 2007.