The current economic slump in which the U.S. finds itself in is making life hard on everybody. Rising gas prices and the mortgage fallout are making Americans spend less money, and in turn, business is slow. And it seems that Latinos are the hardest hit group by all of this.

From New York to Miami to Los Angeles, the downturn in the U.S. economy is hitting Hispanics especially hard, with unemployment rising faster in that community than in the overall U.S. population. And the slowdown has had a ripple effect, with a significant drop in payments being sent home to families in Latin America.

“For the last year, Hispanics have been losing jobs at a faster rate than any other group,” said Agustine Martínez, president of the U.S. Hispanic Chamber of Commerce in Washington.

The Baltimore Sun reports that unemployment among Latinos is nearly 2 points higher than among the general population, and that salaries for Latino workers are “stuck”. Remesas being sent back to Latin America are said to be down by 70% since 2006.

It’s hard times and everyone’s apretándose el cinturón. Have you had to cut back on expenses just to make ends meet? Where are you spending the most money and what, if anything, do you have to sacrifice? Let us know in the comments.

Via / Baltimore Sun