- Nearly 40% of people working in February with a household income below $40,000 reported that they'd lost a job in March, $4
- 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.
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The millions of Americans who have lost their
Nearly 40% of people working in February with a household income below $40,000 reported that they'd lost a job in March, $4. While most of the survey focused on economic well-being at the end of 2019, supplemental questions were added in early April as the
Federal Reserve Chairman Jerome Powell $4 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," $4
The Fed survey comes the same day that the Labor Department reported that $4 bringing the eight-week total to 36.5 million claims as the
Last week's April jobs report showed that $4 the highest since the Great Depression. While almost no sector was immune to
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The 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