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Job Losses During Pandemic Strain Black, Hispanic Women’s Personal Finances

job-losses-during-pandemic-strain-black,-hispanic-women’s-personal-finances

The pandemic has taken a toll on many women’s finances. For some Black and Hispanic women, in particular, the financial pressure is intensifying.

More than 2.3 million women have left the labor force since February of last year, according to the National Women’s Law Center. Last month, the U.S. unemployment rate was 6.2%. For Black women and Latinas, it was over 8% compared with 5.2% for white women, according to the Bureau of Labor Statistics.

With President Biden’s relief package still yet to be passed, the additional $300 to weekly unemployment payments is set to expire on March 14.

The current proposal would extend the enhanced benefits through September.

“The pandemic has amplified many of the challenges women work to overcome every day, particularly for Black women and Latinas who face racial wealth gaps in addition to gender wealth gaps,” said Byna Elliott, JPMorgan Chase & Co.’s head of Advancing Black Pathways, the firm’s effort to invest in Black businesses and improve the financial health of Black communities.

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