For January, the Latino unemployment rate largely mirrored the general unemployment rate, slightly increasing to 9.7% from 9.6% in December 2012. Overall, the national unemployment rate ticked up a tenth of a percentage point to 7.9% from 7.8% in December. 157,000 jobs were added to the economy last month.
The economy continues to be sluggish and underperforming from what economists had been predicting, yet it does not appear that the economy is headed toward another recession. According to a report from Forbes published today:
““Coming on the heels of the unexpected dip in fourth-quarter GDP, January’s employment report should help to soothe any lingering concerns that the economy is headed for a recession,” says Paul Ashworth, chief U.S. economist at Capital Economics.
Retail, construction and health care contributed most to January’s payroll increases. The government again cut workers last month, extending what’s been trend for much of the past four years.
Still, the Labor Department boosted estimates for November (by 86,000 to 247,000) and December (41,000 to 196,000), a sign that earlier snapshots were too gloomy.”
Latino unemployment has remained higher than the national average in recent years, yet it has remained steady in recent months just slightly than 10%. In November, Latino unemployment was 9.9 percent. In December, it was 9.6%.