Economy

Why Hispanic workers could face an outsized hit in a U.S. recession

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Turbulent times may be ahead for Hispanic workers, a new report from Wells Fargo found.

The firm expects Latino workers to take an outsized hit if a mild recession happens in 2023, like it is projecting.

“The Hispanic unemployment rate tends to rise disproportionately higher than the national average during economic downturns,” Wells Fargo chief economist Jay Bryson wrote.

For example, from 2006 to 2010, the Hispanic unemployment rate rose about 8 percentage points, while the non-Hispanic jobless rate climbed about 3 percentage points, the firm found. It also was higher than the non-Hispanic jobless rates in the early 1990s and in 2020, Bryson…



Source cnbc.com

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