The lowest earners have borne the brunt of the economic downturn, the Fed says: almost 40% of those working in February making less than $40,000 per year have lost their jobs over the last month.
Another 2.4 million workers filed for temporary unemployment benefits for the week ending May 16, signaling that despite gradual reopenings across the country, American workers are still struggling amid the coronavirus crisis.... [+]Thursday’s numbers bring the nine-week total to more than 38 million. The labor market pain has not been widespread, with
reporting that they or another person in their household has lost income since mid-March, but it is not evenly distributed across the American population. : almost 40% of people working in February making less than $40,000 per year have lost their jobs over the last month.through September , a level not seen since the Great Depression.
That rate will eventually fall, the CBO says, but it will take a long time and the annual unemployment rate won’t dip below 10% until 2021.
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