McKinsey & Company has issued US Hispanic and Latino lives and livelihoods in the recovery from COVID-19, a September 2020 report that goes beyond looking at COVID-19’s disparate health impacts on the U.S. Latinx population, also examining the economic impact and the challenges to economic recovery on these critical members of U.S. society. As the report summarizes, the disparate impact affects the country as a whole because “(t)he population’s size and composition make it crucial to the US economy and society, and its vulnerability threatens the country’s overall recovery from the pandemic.”
The report notes that pre-pandemic, Latinx ownership of businesses with at least one employee had been increasing at rates higher than the non-Latinx population, but that about half of those businesses are concentrated in the five sectors hardest hit by the pandemic, including construction, hospitality, retail, and transportation.
During the pandemic, Hispanics’ and Latinos’ incomes—and safety—are in jeopardy in jobs that are vulnerable to both the pandemic and automation. The net effect is a drain on families’ financial and emotional reserves, and Hispanics and Latinos are more likely than white Americans to report being concerned about the financial implications of the pandemic….
Hispanic and Latino population growth means the country’s long-term recovery is inextricable from the recovery of Hispanic and Latino families, communities, and businesses. Indeed, the community’s unique assets—such as its relative youth and above-average rates of entrepreneurship—can contribute to more equitable postpandemic recovery and growth.
The report includes recommendations that the private and public sectors could follow, including steps to improve the Latinx population’s access to healthcare, education, housing, and capital.
Access the full report here.