3Center or American Progress | Economic Snapshot or June 2012
Labor market pressures fall especially on communities of color, young workers, andthose with less education.
Te Arican American unemploymen rae in May 2012sayed well above average a 13.6 percen, he Hispanic unemploymen rae was 11percen, and he whie unemploymen rae was 7.4 percen. Youh unemploymensood a a high 24.6 percen. And he unemploymen rae or people wihou a highschool diploma sayed high wih 13 percen, compared o 8.1 percen or hose wiha high school degree, 7.9 percen or hose wih some college educaion, and 3.9 per-cen or hose wih a college degree.
Vulnerable groups have sruggled dispropor-ionaely more amid he weak labor marke han whie workers, older workers, and workers wih more educaion. Bu even hose groups ha are beter han heir coun-erpars in he weak labor marke suer remendously rom high unemploymen.6.
Household incomes continue to drop amid prolonged labor market weaknesses.
Median inaion-adjused household income—hal o all households have moreand he oher hal has less—sood a $49,445 in 2010, is lowes level in inaion-adjused dollars since 1996. I ell again by 2.3 percen in 2010, an acceleraeddecline aer median income dropped by 0.7 percen in 2009. American amiliessaw ew gains during he recovery beore he crisis hi in 2008 and experienced noincome gains during he curren economic recovery aer 2009.
Income inequality is on the rise.
Households a he 95h percenile, wih incomes o $180,810 in 2010, had incomes ha were more han nine imes—9.04 imes, o beexac—he incomes o households a he 20h percenile, wih incomes o $20,000.Tis is he larges gap beween he op 5 percen and he botom 20 percen o households since he U.S. Census Bureau kep record in 1967.
Poverty continues to rise across a wide spectrum.
Te povery rae rose o 15.1percen in 2010—is highes rae since 1993. Te Arican American povery rae was27.4 percen, he Hispanic rae was 26.6 percen, and he whie rae was 9.9 percenin 2010. Te povery rae or children under he age o 18 sood a 22 percen. Morehan one-hird o Arican American children (39.1 percen) lived in povery in 2010compared o 35.0 percen o Hispanic children and 12.4 percen o whie children.
Te prolonged economic slump, ollowing an excepionally weak labor marke beore he crisis, has aken a massive oll on he mos vulnerable.9.
Employer-sponsored benefits disappear.
Te share o people wih employer-spon-sored healh insurance dropped rom 59.8 percen in 2007 o 55.3 percen in 2010.
Te share o privae-secor workers who paricipaed in a reiremen plan a work ello 39.5 percen in 2010, down rom 42.0 percen in 2007.
Families have less eco-nomic securiy han in he pas due o ewer employmen-based benes, requiringmore privae savings o make up he dierence.