I can’t remember if I ever published my skills-shmills post but Derek Thompson does the heavy lifting
Although Latinos make up only a seventh of the population, they have "racked up half the employment gains posted since the economy began adding jobs in early 2010", the Los Angeles Times reported this morning. In 2011, the trend accelerated. Of the 2.3 million jobs added in 2011 according to the Household Survey of the Bureau of Labor Statistics, 1.4 million, or 60 percent, were won by Latinos.
This remarkable statistic is a keyhole into America’s two-speed recovery. One true story of the recession is that employment gains have been biased toward the highly educated. More than half of the jobs added in 2011 went to Americans with a college education. Another true story of the recession is that most of the other jobs have been low-paid and went to the less-educated. Educational attainment among Hispanics remains very low. Just 10% of foreign-born and 13.5% of native Latinos have finished college, placing the group’s completion rate at about a third of the national average.
This trend is likely to accelerate.
I have been joking across town that if the Fed keeps the faith we will see “Trabajar Para GM” billboards going up across Ohio before the end of 2013.
If the Fed Funds rate stays at zero through 2014 I give at least 5% odds on a bill being filed in a US state legislature to lower the minimum factory working age to 14.