简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:"This reversal of economic fortune has caused a level of pain that is hard to capture in words," said Fed Chair Jerome Powell.
Nearly 40% of people working in February with a household income below $40,000 reported that they'd lost a job in March, the survey released Thursday showed.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. This drop in work was also reflected in incomes, which fell 23% during the month. Visit Business Insider's homepage for more stories.
The 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, the survey released Thursday showed. 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. Federal Reserve Chairman Jerome Powell had pointed out this statistic a day earlier in a 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,” he said.
The Fed survey comes the same day that the Labor Department reported that 2.98 million Americans filed for unemployment insurance last week, bringing the eight-week total to 36.5 million claims as the coronavirus pandemic continues to slam the labor market.Last week's April jobs report showed that 20.5 million jobs were erased in the month, and that the unemployment rate spiked to 14.7%, the highest since the Great Depression. While almost no sector was immune to job losses, they were most concentrated in leisure and hospitality.Read more: A fund manager who's doubled his competitors' returns for 15 years breaks down 2 stock picks for a market recovery — including the US airline that may benefit most from the crisisThe Fed's report showed that there is economic pain beyond job losses — another 6% of workers had their hours reduced or took unpaid leave in March.
“Taken together, 19% of all adults reported either losing a job or experiencing a reduction in work hours in March,” the report said. This was reflected in income declines in March — 23% of adults said they made less during the month, the report showed. The report also showed that employment disruptions greatly impact households' ability to pay their bills. Only 64% of adults who reported a job loss or reduction of hours in April said they expected to be able to pay their bills in full, compared to 85% of those without an employment disruption.
Loading
Something is loading.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
We are honored to share that AUS GLOBAL, as an invited guest of the United Nations forum on Science, Technology and Innovation (UNSTI), successfully completed the important mission of this event on June 20, 2024 at the Palais des Nations in Geneva, Switzerland.The forum brought together dignitaries and renowned business people from around the world to discuss important topics such as global fintech development and environmental protection.
The IMF projects that the global economy will shrink by 4.4% in 2020, followed by a 5.2% rebound in 2021, supporting a V-shaped recovery.
According to the latest data of the Reserve Bank of India (RBI), the country's forex reserves have surged $11,938 million to a fresh all-time high of $534,568 million for the week ended July 31.
Bill Gates warned Donald Trump before he took office of the dangers of a pandemic — and urged him to prioritize the US' preparedness efforts.