Hispanics in the US are more pessimistic about their economy after unemployment due to the pandemic

15 minutes. The confidence of Hispanics in the US about its economy worsened six points in the last quarter of 2020 compared to the previous period due in part to unemployment rates during the pandemic, according to a survey published Tuesday by Florida Atlantic University (FAU) .

The Consumer Sentiment Index (HCSI) from last October to December fell to 79.3 from 84.9% in the third quarter, according to the Business and Economics Survey (FAU BEPI) of the School of Business of the FAU.

“Hispanics are less optimistic because your unemployment rate is higher than the general unemployment rate“, explained Mónica Escaleras, director of FAU BEPI.

Unemployment among Hispanics increased to 9.3% in December, when the economy lost jobs for the first time since April. However, the overall unemployment rate was unchanged at 6.7% of a workforce battered by the pandemic.

The FAU survey detailed that 47% of Hispanics consider that they are better off financially than a year ago, compared to 57% who felt that way during the third quarter.

Additionally, 62% expect to be in better financial condition next year, while 69% felt that way in the third quarter.

The survey also revealed that fewer respondents feel that it is a good time to buy expensive items. Parallel, a greater number of Hispanics consider that the cost of living increased.

Still, Hispanics are confident about the long-term economic outlook, and 66% expect it to be good in the future. That’s nine points more than in the third quarter.

The FAU interviewed 617 Hispanics between October and December 2020 with a margin of error of +/- 3.95 percentage points.

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