“Asian American businesses are dealing with two viruses”: Reeling from racist incidents, many are hurting financially during COVID-19

In a recent article by MarketWatch, research done in collaboration with the Asian American Studies Center was referenced in a discussion about anti-Asian hate crimes and rising unemployment rates during the COVID-19 pandemic.

As documented incidents of harassment, assault and discrimination against Asian Americans have escalated during COVID-19, many groups within the community have also faced heightened financial strain. Advocates say it’s beyond time to acknowledge and take action on both.

COVID-19 has also wreaked economic havoc on many Asian Americans, hobbling businesses and leaving scores of workers jobless. The unemployment rate among Asian Americans shot up more than 450% between February and June 2020, according to a McKinsey & Co. analysispublished in August, outstripping other groups’ rate of increase.

The spike in Asian Americans’ unemployment earlier in the pandemic resulted from a combination of factors, including their concentration in jobs impacted by the pandemic: Almost a quarter of employed Asian Americans work in hospitality and leisure, retail, or “other services” industries like personal care, according to our report with AASC published in July of last year.

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Download the report here >>> COVID-19’s Employment Disruptions to Asian Americans