It's a bigger battery [Klaus Vedfelt/DigitalVision via GettyImages]
Hey Snackers,
It’s not often a whole month kicks off mid-month… In honor of Hispanic Heritage Month, we'll be featuring SnackFacts at the intersection of culture, business, and the economy. Have a fact to share? Submit here.
Stocks slipped again yesterday, despite word that prices rose at a slower-than-expected pace in August. Tonight, SpaceX's historic civilian-only flight is slated to launch into orbit — if the weather allows.
13th time’s the charm… Is it though? Apple dropped a new iPhone at its launch event yesterday, but Fruit-heads hoping for dazzling news iProducts may be disappointed by marginal upgrades. A few highlights:
The apple of Apple's eye… Still iPhone. iPhone sales make up over half the Fruit's total, though they slowed in 2019 and 2020. This year, sales soared as the new 5G-enabled 12 fueled an upgrade cycle. While iPhone sales have slowed quarter-to-quarter, Apple is hoping the new model + jacked-up services will rev up demand for its precious hardware.
Easier to walk in, harder to leave… By keeping iPhone prices flat and offering accessible installment payment options, Apple’s making it easier to walk into “Club Apple.” And it's making it harder to walk out. Apple is expanding its connected ecosystem, getting customers hooked on original content like Ted Lasso and services like Fitness+. That way, the world’s most valuable company could continue growing with some relatively simple additions.
Lay down the stats… Hispanic and Latino Americans are still far from the pandemic recovery finish line. The community has been disproportionately affected, both from economic and health standpoints. Latinos account for over half of the US' population growth over the past decade, and make up ~18% of the total population — but represent nearly 30% of coronavirus cases.
The pandemic effect… Hispanics have a higher labor force participation rate than any other US demographic. But Covid sparked a sharp surge in unemployment — and the economic effects still linger today. That’s partly because Latinos are disproportionately represented in industries that were hardest hit, like restaurants and hotels. With Hispanics already earning 26% less than their white counterparts pre-pandemic, elevated unemployment has been even harder to endure financially.
There's more growth ahead… Hispanic Americans saw faster income growth than any other major demographic group from 2014 to 2019. Despite pandemic challenges: in the past two-years, Latino-owned businesses grew revenue at an average rate of 25% per year, vs. 19% for white-owned businesses. The young and educated Latino labor force is expected to continue driving growth for the US economy. Case-in-point: If the US Latino market was its own country, it'd be the 8th-largest economy in the world.
Authors of this Snacks own shares of: Apple, Tesla, Uber, and Google
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