Fed survey
the Federal Reserve is out with survey results. They say:
- financial circumstances change dramatically for people who face job cuts or reduced hours as a result of the coronavirus
- 19% of all adults either lost job or experience reduction in hours
- 39% of workers with household income below $40,000 reported a job loss in March
- 23% of all adults said their income in March was lower than February
- workers who lost their jobs or were furloughed were told they could return to their job at some point
- it is difficult to predict how long layoffs will last
- 63% of workers with bachelors degrees or more were able to work fully from home compared to 20% of workers with a high school degree or less
- 81% of adults said they could pay their bills in full and April, down from 84% 4thQ
- 64% of adults reporting job loss or reduction in hours expected to pay all April bills compared to 85% for those without employment change
- before the pandemic 25% of non-retired adults lacked retirement savings
- before crisis 30% of adults could not cover 3 months of expenses using savings or borrowings
