9 Of course, today's circumstances are much different from those we faced during most of the decade that followed the 2008 financial crisis.
As shown in figure 1, unemployment rates ranged from 3.9 percent for whites to 4 percent for Asians, 5.2 percent for Hispanics, and 7.7 percent for African Americans. Labor force participation rates, shown in figure 2, also differ substantially, although by less than unemployment rates, with the rate for African Americans lowest at 62.2 percent.