Gallup recently released the results of data gathered between April 13 and 19 regarding the financial situations of working Americans, exposing the bare chaos as a result of the coronavirus pandemic.
Since nationwide lockdowns and stay-at-home orders have been imposed across the country, many working-class Americans have found themselves laid off, resulting in significant income disruptions. In fact, the widespread unemployment wave has been so massive, that almost 1 in every 3 Americans has been the subject of either a permanent job loss, temporary layoff, reduced working hours, or reduced wages. Overall, at least 18% of Americans have experienced more than one of the mentioned negative impacts to their employment situation.
However, the situation is even more grave when analyzed according to income brackets. 32% of those earning below $36,000 annually have had their wages decreased, meanwhile 18% reported a reduction in working hours, and 14% have been temporarily laid off.
Meanwhile, 24% of those earning between $36,000 and $90,000 per year have experienced a reduction in their income, 15% have had their working hours reduced, and 10% have been temporarily laid off.
Lastly, those making in excess of $90,000 have also been impacted by the current economic situations, with 25% of respondents reporting some sort of loss in income, 14% have had a reduction in their working hours, and another 9% have been the subject of temporary layoffs.
Strangely enough, a previous survey conducted by Gallup between April 1 and 14 of this year found that up to 25% of the working class think they will be laid off within the next 12 months as the coronavirus pandemic continues to destroy the US economy. Furthermore, this particular poll reinforces the decreasing confidence among Americans regarding the economy and the job market as a whole.
Information for this briefing was found via Gallup and Zero Hedge. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.