A Strong Labor Market Is Even More Crucial For People Of Color
12 Oct 2022
The labor market recovered remarkably quickly from the recession in early 2020. This rapid recovery has had greater importance for Black, Latino and many Asian workers than for white workers as they rely more on income from work—wages, salaries and self-employment income—as opposed to income from capitol like dividends and interest.
Jobs returned at a rapid pace and many workers saw substantial wage gains, too. Workers of color and white workers benefited from the recovery at comparatively equal rates, unlike, for instance, after the Great Recession from 2007 to 2009, when many workers of color saw labor market gains much later than was the case for white workers. The fact that all workers equally shared in the labor market recovery this time around is particularly good news for many workers of color since they rely on earnings from work to a larger degree than is the case for white workers.