US Unemployment Surges To Highest Since Great Depression

Helmholtz Watson

Federal Reserve Survey on Workers Who Lost Job Due TO Covid-19

– 90% of workers who lost jobs were told they could return to their job
financial circumstances change dramatically for people who face job cuts or reduced hours as a result of the coronavirus
19% of all adults either lost job or experience reduction in hours
39% of workers with household income below $40,000 reported a job loss in March
23% of all adults said their income in March was lower than February
workers who lost their jobs or were furloughed were told they could return to their job at some point
it is difficult to predict how long layoffs will last
63% of workers with bachelors degrees or more were able to work fully from home compared to 20% of workers with a high school degree or less
81% of adults said they could pay their bills in full and April, down from 84% 4thQ
64% of adults reporting job loss or reduction in hours expected to pay all April bills compared to 85% for those without employment change
before the pandemic 25% of non-retired adults lacked retirement savings
before crisis 30% of adults could not cover 3 months of expenses using savings or borrowings