Nearly four out of ten workers living in a household earning less than $40,000 lost their job in March.
Just 64% of individuals who lost their jobs or were working fewer hours in March felt that they would be able to pay their bills in April.The Federal Reserve’s annual report customarily focuses on the economic wellbeing of U.S. households as of the end of the previous calendar year. However, Thursday’s report was supplemented with a survey conducted in early April, as financial conditions changed dramatically for many families due to the spread of COVID-19.
In the many weeks since the survey was conducted, lawmakers have supplied $2 trillion in relief spending, including expanded unemployment insurance and forgiving loans to small businesses. However, most families would not have received any form of financial relief at the time they responded. Nonetheless, the survey indicated that the vast majority of Americans remained optimistic in early April.
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