Which earnings groups have been most affected by the COVID-19 crisis?

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Permanent URL for this page: http://hdl.voced.edu.au/10707/546368.

Author: Amburgey, Aaron; Birinci, Serdar

Abstract:

The [Coronavirus Disease 2019] COVID-19 crisis has had unprecedented negative effects on the aggregate US economy, but especially on the labor market. The unemployment rate jumped from 3.5 per cent to 14.7 per cent between February and April and only slightly decreased to 13.3 per cent in May. Fifty million initial unemployment insurance (UI) claims have been filed so far this year, which is about 10 million more than total initial UI claims filed during the Great Recession. Besides its aggregate effects on the labor market, the COVID-19 crisis has had disproportionate effects on certain...  [+] Show more

Subjects: Economics; Disadvantaged; Employment; Labour market; Income

Keywords: Employment status; Economic conditions; Unemployment; Labour force; Labour force participation; Low income group; Wage

Geographic subjects: United States; North America

Published: St. Louis, Missouri: Federal Reserve Bank of St. Louis, 2020

Access item:

https://doi.org/10.20955/es.2020.37

Also called: Which earnings groups have been most affected by the Coronavirus Disease 2019 crisis?

Journal title: Economic synopses

Journal number: 37

Journal date: 2020

Pages: pp. 1-2

ISSN: 2573-2420

Resource type: Article

Document number: TD/TNC 141.293

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