Unemployment in the U.S. has risen dramatically since the economic recession commenced in December 2007 - as a whole, the jobless rate climbed from about 5 percent to 9.5 percent through June 2010.
However, while Asian-Americans have also witnessed a rise in joblessness, their rates remain below the comparable figures for
whites, blacks and Hispanics. Joblessness for Asians during this period climbed from 3.7 percent to 7.7 percent,
Meanwhile, the June 2010 rate for African-Americans exceeds 15 percent, while Latinos are just above 12 percent (both well above
the average). Whites are just under the broader average at 8.6 percent.
The economic 'outperformance' of Asian-Americans brings up the controversial subject of the 'model minority' - that is, the stereotype of Asians as highly-educated, family-oriented, law-abiding, and materially successful. Some have reckoned this notion as a myth; while others adhere to it as stark reality. The truth is likely somewhere in between.
A report from the Labor Department late last year indicated that Asians have a disproportionately high presence - on the order of 47 percent - in management and professional jobs - i.e., high-paying positions requiring advanced degrees, compared with 35 percent for the American work force as a whole.
Moreover, while Asian-Americans represent only 5 percent of all U.S. workers, they account for 29 percent of computer software engineers, 20 percent of computer programmers, 17 percent of physicians and surgeons; and 16 percent of computer scientists and system analysts.
In addition, about 30 percent of Asians 25 or older have a bachelor's degree and almost 20 percent have a graduate degree, compared with 17 percent and 10 percent, respectively, for the U.S. overall.
By comparison, 18 percent of whites have a bachelor's degree and 11 percent have a more advanced degree. For blacks and Hispanics, the figures are lower.
And, perhaps not surprising, the median income for the average Asian-American household - over $68,000 - far exceeds the average ($52,000) for all groups.
Looking only at New York City, the numbers are strikingly similar to the national averages. In a report produced by the Fiscal Policy Institute in December 2009, 7.3 percent of city whites were jobless, while 15.7 percent of blacks and 11.8 percent of Hispanics were without work. For Asians, the figure was only 6.1 percent. (Source: Palash R. Ghosh, International Business Times, Jul 29, 2010).