40% of low-income Americans lost their jobs in March, according to the Fed
The U.S. unemployment rate hit 14.7% in April, the highest level since the Great Depression.
Households with income below $40,000 were hit hardest by the coronavirus pandemic. Almost 40% were laid off or furloughed by early April, according to the Federal Reserve.Car line up at a drive-thru Three Square Food Bank emergency food distribution site at Boulder Station Hotel & Casino in response to an increase in demand amid the coronavirus pandemic on April 29, 2020 in Las Vegas, Nevada.
One in 5 adults who were working in February reported being laid off or furloughed in March or early April, according to aHowever, 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.More from Personal Finance
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