Hispanic Unemployment Rate Drops to 10.3%
April 6, 2012
Richard Larsen, Deputy Managing Editor
The unemployment rate for Hispanics dropped 0.4 percentage points, from 10.7 percent in February to 10.3 percent in March. That is the lowest the rate has been since Hispanic unemployment peaked at 13.2 percent in November 2010.
The national unemployment rate dipped to 8.2 percent, slightly down from February's 8.3 percent. The number of unemployed people remained at 12.7 million.
During the first quarter of the year, the economy added 635,000 jobs at an average of 211,667 per month. If job creation continues at this pace, an estimated 2.5 million jobs will have been created by the end of the year.
All but one of five key private sectors -- construction, health care, leisure/hospitality, manufacturing and transportation/warehousing -- ained jobs. Construction, an important sector to Hispanics, lost 7,000 jobs in March. This follows a loss of 13,000 jobs in February. These two loses have nearly wiped out the 21,000 jobs the construction sector added in January.
In the other sectors:
—Leisure/hospitality added 39,000 jobs, fewer than the 44,000 jobs added in February. For the year to date, this sector has added 127,000 jobs.
—Manufacturing added 37,000 jobs, 6,000 more than the number added in February. For the year to date, this sector has added 118,000 jobs.
—Health care added 26,100 jobs in March, a significant drop from the 61,100 added in February. For the year to date, this sector has added 116,900 jobs.
—Transportation/warehousing added 2,800 jobs in March, considerably fewer than the 10,600 jobs added in February.
In all, these five private sectors added 95,900 job in March, 79.1 percent of the 121,000 jobs added by the private sector.
Government shed 1,000 jobs in March. Job losses in the public sector have been slowing. For the year to date, government has shed 21,000 jobs.
Source: HispanicBusiness.com (c) 2012. All rights reserved.