3Center or American Progress | Economic Snapshot: September 2013
growh is sill oo weak o quickly overcome oher job losses and rapidly lower heunemploymen rae. A reorienaion o ax and spending policies o srenghen eco-nomic growh raher han a blind obsession wih deci reducion a all coss couldcreae millions o jobs ha America’s middle class desperaely needs.3.
Some communities continue to struggle disproportionately from unemploy-ment.
Te unemploymen rae sood a 7.3 percen in June 2013. Te Arican American unemploymen rae was 13 percen in June 2013, he Hispanic unem-ploymen rae was 9.3 percen, and he whie unemploymen rae was 6.4 percen.Meanwhile, youh unemploymen sood a 22.7 percen. Te unemploymen raeor people wihou a high school diploma icked up o 11.3 percen, compared o 7.6percen or hose wih a high school degree, 6.1 percen or hose wih some collegeeducaion, and 3.5 percen or hose wih a college degree.
Populaion groups wihhigher unemploymen raes have sruggled disproporionaely more amid he weak labor marke han whie workers, older workers, and workers wih more educaion.Policymakers should heed he recommendaions in
—a new book romhe Cener or American Progress and PolicyLink—on building a srong and diverse workorce ha draws rom all communiies.
The rich continue to pull away from most Americans.
Incomes o households inhe 95h percenile—hose wih incomes o $191,000 in 2012, he mos recen yearor which daa are available—were more han nine imes he incomes o householdsin he 20h percenile, whose incomes were $20,599. Tis is he larges gap beweenhe op 5 percen and he botom 20 percen o households since he U.S. CensusBureau sared keeping record in 1967. Median inaion-adjused household incomesood a $51,017 in 2012, is lowes level in inaion-adjused dollars since 1995. And he povery rae remains high, a 15 percen in 2012, as he economic slumpconinues o ake a massive oll on he mos vulnerable ciizens.
Poverty stays high.
Te povery rae remained a a 15 percen in 2012, he mosrecen year or which daa are available. Te Arican American povery rae was 27.2percen, he Hispanic povery rae was 25.6 percen, and he whie rae was 9.7 per-cen. Te povery rae or children under he age o 18 sood a 21.8 percen. Morehan one-hird o Arican American children—37.9 percen—lived in povery in2012, compared o 33.8 percen o Hispanic children and 12.3 percen o whie chil-dren.
Te prolonged economic slump, ollowing an excepionally weak labor marke beore he crisis, has aken a massive oll on our counry’s mos vulnerable ciizens.6.
Employer-sponsored benefits disappear.
Te share o people wih employer-spon-sored healh insurance dropped rom 59.8 percen in 2007 o 54.9 percen in 2012,he mos recen year or which daa are available.
Te share o privae-secor work-ers who paricipaed in a reiremen plan a work ell o 39.2 percen in 2011, down