40 percent of households earning less than $40K lost jobs in March: Fed chairman
By J. Edward Moreno - 05/13/20 11:15 AM EDT
Federal Reserve Chairman Jerome Powell said Wednesday that 40 percent of U.S. households earning less than $40,000 a year lost their jobs in March, underscoring the devastating financial effect of the pandemic on low-income workers.
“This reversal of economic fortune has caused a level of pain that is hard to capture in words, as lives are upended amid great uncertainty about the future,†he said in prepared remarks at a virtual event hosted by the Peterson Institute of International Economics in Washington.
Powell was citing figures from a Fed survey that is set for release Thursday.
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https://thehill.com/policy/finance/497527-40-percent-households-earning-less-than-40k-lost-jobs
