The poorest Americans are being hit the hardest by coronavirus-induced job losses, Fed survey shows
Assistant store manager rings up groceries from behind a plexiglass barrier in Los Angeles, California.Nearly 40% of people working in February with a household income below $40,000 reported that they'd lost a job in March,
Another 6% had hours reduced or took unpaid leave during the month. In total, 19% of all adults reported losing a job, having hours reduced, or taking unpaid leave in March. Visit Business Insider's homepage for more storiesThe millions of Americans who have lost their jobs in recent weeks are disproportionately lower-income workers, according to a new survey from the Federal Reserve.
Nearly 40% of people working in February with a household income below $40,000 reported that they'd lost a job in March, . While most of the survey focused on economic well-being at the end of 2019, supplemental questions were added in early April as the coronavirus pandemic hit the US. presentation at the Peterson Institute for International Economics.
"This reversal of economic fortune has caused a level of pain that is hard to capture in words, as lives are upended amid great uncertainty about the future,"
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