Turbulent times may be ahead for Hispanic workers, a new report from Wells Fargo found. The firm expects Latino workers to take an outsized hit if a mild recession happens in 2023, like it is projecting. "The Hispanic unemployment rate tends to rise disproportionately higher than the national average during economic downturns," Wells Fargo chief economist Jay Bryson wrote. For example, from 2006 to 2010, the Hispanic unemployment rate rose about 8 percentage points, while the non-Hispanic jobless rate climbed about 3 percentage points, the firm found. Right now, overall consumer spending is 14% higher than February 2020 and real services spending is up less than 1% during the same time period.

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