The presence of substantial earnings differentials in the youth labor market provides the motivation for this paper, which considers the financial position of Hispanic youth vis-a-vis non-Hispanic White and Black youth. Two fundamental measures of labor market success--average hourly earnings and salary earnings over a year--are employed as dependent variables in the analysis. Before adjusting for differences in observable characteristics among the groups, Hispanics fell between Whites and Blacks in terms of earnings. After adjusting for differences, Hispanics were closer to Whites. A major difference among the groups was education, an important determinant of earnings; among employed Hispanic youth, however, almost three-fifths of the males and over a third of the females were dropouts. Post-school experience was also an important determinant of earnings. In-school experience has positive effects on yearly earnings, while post-school training was a significant determinant of hourly earnings for men (except Mexican-origin men). Hispanics living in the South or in high unemployment areas did worse than the older groups, while married Hispanic men had higher hourly and yearly earnings than unmarried men. Finally, although the analysis shows no more labor market discrimination against Hispanic women than against White women, it suggests that Hispanic males would earn 7 percent more hourly if they were not discriminated against. (CMG)