The nation's unemployment rate soared to 7.2 percent last month as the economy loss 524,000 jobs. The current recession took jobs from all major population groups. Whites saw their jobless rate jump from 6.2 percent in November to 6.6 percent in December. Black unemployment rose from 11.3 percent to 11.9 percent while joblessness for Hispanics increased from 8.6 percent to 9.2 percent. Unemployment for Asians stood at a seasonally unadjusted 5.1 percent.
Referring to the number of Blacks losing their homes as a result of the mortgage crisis, a Boston-based non profit organization United for a Fair Economy issued a report which concluded, "This represents the greatest loss of wealth for people of color in modern U.S. history." The report was titled "Foreclosed State of the Dream 2008.
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