The unemployment rate gap for Hispanic workers rose sharply since January 2023. In contrast, the unemployment rate gap for Black workers declined during this period. This pattern is largely owing to a relative increase in labor force participation among Hispanic women.
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The decline in real spending between February and March was the sharpest for those age 25 to 34, before it bottomed out in April 2023. Real spending of this group declined by around 10 percentage points in each of the retail, gas, and restaurant categories in this period.
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The EGIs are calculated using the Consumer Expenditure Survey microdata from the Bureau of Labor Statistics (BLS); National and Regional Consumer Price Indexes from the BLS; Current Population Survey microdata from the BLS; American Community Survey microdata from the U.S. Census Bureau; and consumer spending data from Commerce Signals, a TransUnion company.
2023 Release Dates
Federal Reserve Bank of New York, Equitable Growth Indicators, https://
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The Equitable Growth Indicators are not official estimates of the Federal Reserve Bank
of New York, its President, the Federal Reserve System, or the Federal Open Market