Entrepreneurship and business creation are fundamental to a dynamic economy. Companies less than five years old create an average of 1.5 million new jobs each year. Hispanic Americans are helping to drive this engine of job creation. Nearly 1 in 4 new businesses—which provide critical sources of new jobs—are Hispanic-owned, and the nearly 5 million Hispanic-owned businesses contribute over $800 billion to the American economy annually. In the decade preceding the pandemic, the number of Hispanic business owners increased 34% compared to an increase of just 1% among non-Hispanic business owners.
Oct 29 2021
Economic Update - October 29, 2021
Oct 29 2021
Estimates of Advance Child Tax Credit Distribution by Congressional District (October 2021)
Using state-level data from the Treasury Department on advance Child Tax Credit (CTC) payments, the Joint Economic Committee estimated the number of qualifying children, total number of payments, and total payment amount by congressional district in October 2021, when the third round of CTC payments was distributed.
The American Rescue Plan (ARP) dramatically increased the value of the Child Tax Credit (CTC), from $2,000 per child to up to $3,600 per child under age 6 and $3,000 per child aged 6-17. The ARP also expanded the CTC so that it is now fully refundable, and previously ineligible low-income families will receive the full credit. Half of the expanded CTC is being distributed in advance via monthly payments, helping families meet their financial needs in real time. The Treasury Department has delivered $61 billion to families across the country thus far.
Each month, the Bureau of Labor Statistics (BLS) releases national and state-level data on U.S. employment, which provide useful information about the state of the labor market and progress toward building back better.
To highlight key trends in the monthly data, the Joint Economic Committee compiles state-by-state fact sheets for all 50 states and the District of Columbia.
To highlight key trends in the monthly data, the Joint Economic Committee compiles state-by-state fact sheets for all 50 states and the District of Columbia.
Oct 22 2021
Economic Update - October 22, 2021
High-quality, accessible child care creates a number of economic and socioeconomic benefits on both individual and national levels. Underinvestment in child care and the resulting high prices have prevented the United States from fully realizing those benefits, constraining future economic growth.
Oct 15 2021
Economic Update - October 15, 2021
Oct 14 2021
Wealth Disparities Threaten the Economic Security and Opportunities of Hispanic Americans and Their Families
As the country observes Hispanic Heritage Month, it is important to celebrate the strength and resilience of Hispanic Americans while also recognizing the barriers to economic security that still stand in the way of a more equitable economy. The persistent wealth gap between white and Hispanic families, even more so than the gaps in income and employment, serves as a barrier to opportunity, obstructing a wide range of positive economic outcomes. The 61 million Hispanics in the United States, nearly 19 percent of the total population, hold disproportionately less wealth than their white peers: The median wealth, or net worth, of white families is five times higher than the median net worth of Hispanic families, and the wealth gap between white and Hispanic families is even more pronounced (six times as large) when average net worth is considered.
