Nearly 20% of American adults lost a job or saw their hours cut in the early days of the coronavirus crisis but the vast majority of those laid off or furloughed said their employer told them to expect to come back, a Federal Reserve survey shows.
Low-income Americans were hit hardest. Of people working in February, nearly 40% of those with a household income below $40,000 reported a job loss in March. Thirteen percent of adults – who made up 20% of people employed in February - said they had lost a job or were furloughed in March or early April, the report said. Another 6% had their hours reduced or took unpaid leave.
Despite the possibility of a sharp rebound in jobs reflected in those numbers, Greg Daco of Oxford Economics is among economists who believe such a strong bounce-back is unlikely. States are reopening their economies gradually. Some businesses have closed permanently. And it’s unclear when consumers will return to malls, restaurants, movie theaters and other businesses in large numbers before a vaccine is available, possibly by early next year.
A lot of people make more money on unemployment and the $650 per week federal unemployment so they don’t want to go back to work.
Right. And so you can't assess unemployment as joebiden is doing as a campaign issue. It's a great way to fight the virus.
In Minnesota I think your hours have to be cut in half to qualify. So how many of these workers lost half their wages?
One thing you should be aware of is many people were working two or three jobs. How is that going to shake out as their income rises?
How many won't go back and stay on unemployment?
Yeah. Sure.
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