Lower-income households feel worst of Covid-19 economic shock – Fed survey

federal-reserve

The economic consequences of Covid-19 have disproportionately hit lower-income American households, a new Federal Reserve survey finds.

Nearly 40% of households that earn below $40,000 a year reported a job loss in March, the survey finds. In contrast, 19% of households with between $40,000 and $100,000 say they had at least one job loss and, above that, only 13% of households experienced a job loss.

The Fed surveyed over 1,000 people for the Covid-19 supplement to the regular annual Economic

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