40% of low-income Americans lost their jobs in March
Nearly 40% of lower-income Americans lost work as the coronavirus pandemic began its assault on the U.S. economy, according to the Federal Reserve.
One in 5 adults who were working in February reported being laid off or furloughed in March or early April, according to a Fed report published Thursday. (A furlough is a temporary layoff.)
However, the economic downturn disproportionately affected lower-income Americans.
Thirty-nine percent of people with a household income below $40,000 lost work over that period, according to the report, an annual survey of U.S. household finances.
Conversely, that was true for just 19% of Americans with a household income between $40,000 and $100,000, according to a Fed spokesperson.
For those with an income exceeding $100,000, the disparity was even greater: Only 13% lost work.
https://www.msn.com/en-us/money/markets/40percent-of-low-income-americans-lost-their-jobs-in-march/ar-BB145YW2?li=BBnbfcN
