Fed Chair Powell just said 40% of households making less than $40,000 a year lost a job in March
Those with the least are being hit hardest by covid. Imagine losing one’s job and being stuck in the city. The key question is whether it is temporary or permanent.
(From The Business Insider)
“A Fed survey being released tomorrow reflects findings similar to many others: Among people who were working in February, almost 40% of those in households making less than $40,000 a year had lost a job in March,” Powell said in a webinar 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.