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Black, Latino unemployment down because folk ain’t working

in Career & Retirement by

Unemployment numbers are down for blacks and Latinos since 1972, but so is job creation.

While the current Administration takes credit for low unemployment, the reality is that many stopped looking for jobs and joined long-term joblessness.

Since the 2008 economic crash, reports show a disturbing trend. People halted job seeking efforts after two years. According to CNBC, the highest age group are millennials from ages 18-29.

A Money article says that the average time employment seekers are out of work is 37 weeks.

Reports cite many issues such as the cumbersome process of filling out applications to low pay. Other reasons for leaving job hunting market is potential employees are not gaining entry into the industry in which candidates trained or received degrees.

Unemployment Trends

With the decrease of jobs, an increase of millennials opting to stay home with parents points to economic hardships. Thus far, this group tends to live in longer at-home arrangements then previous generations.

Although the Pew Center finds that millennials with lesser-education tend to stay home more than those with education, student loan debt cripples college graduates too.

Currently, 44 million people have student loan debt. Out of that, eight million are in default and only 37 percent of borrowers are on track with loan payments. The most affected group are African American borrowers. Reports show that half black student loan borrowers defaulted.

While higher degrees link to better jobs and economic mobility, most people rely on student loans for college. As a result, borrowing money to make money places borrowers in perpetual debt.

The problem is, jobs are not providing sustainable living in which former students can pay off loans. Nor can borrowers make other major life milestones such as marriage, or move on to purchase a house or accrue savings, a part of the reason for attending college.

 

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