Pew Report: Latinos’ Incomes Higher Than Before Great Recession, but U.S.-Born Latinos Yet to Recover
U.S. Hispanic incomes have recovered from the impact of the Great Recession of 2007-2009 and are now higher than they were in 2007, according to research published March 7th by the Pew Research Center. However, this finding reflects the combined data for both foreign born Latinos and U.S. born Latinos. A deeper Pew analysis of the data revealed that U.S.-born Latinos have not recovered fully.
Below is an excerpt from the Pew Research Center article, written by Rakesh Kochhar:
The Great Recession of 2007-09 triggered a lengthy period of decline in the incomes of American workers. Since hitting a trough stretching from 2012 to 2014, their financial fortunes appear to be on the mend – in 2017, a decade after the recession began, the median personal income of American workers stood 3% higher than in 2007.1
On the surface, a similar recovery appears to be underway for Latino workers.2 Their median personal income rose 5% from 2007 to 2017. But the overall gain masks a sharp contrast in the experiences of U.S.-born Latinos – whose incomes in 2017 were 6% less than in 2007 – and of foreign-born Latinos, whose incomes were 14% higher than in 2007, according to a new Pew Research Center analysis of government data.
Demographic change, not the economic recovery, is the major driver of the gains for Latino immigrants. A slowdown in Latin American immigration led to a steep rise in the share who have lived in the United States for at least 10 years. Longer-tenured immigrants earn more than the typical immigrant, and their rising share gave a sizable boost to the average income of foreign-born Latinos. U.S.-born Latino workers – younger and less educated than U.S.-born workers overall – experienced greater losses in the recession and are left wanting in the economic recovery, despite recent gains.
Read more: http://www.pewhispanic.org/2019/03/07/latinos-incomes-higher-than-before-great-recession-but-u-s-born-latinos-yet-to-recover/
Source: Pew Research Center – Hispanic Trends