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.
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.
More from Personal Finance Americans got $48 billion in unemployment last month Here's how you can make money during the pandemic Your 401(k) match may be in jeopardy This data doesn't capture the millions of Americans who have lost their jobs since early April.
More than 36 million Americans have applied for unemployment benefits over the past two months.
The unemployment rate soared to 14.7% in April, according to the Bureau of Labor Statistics.
Submitted May 14, 2020 at 09:13PM by PoolsApp https://ift.tt/3fMlBIm
