The Hill, May 13, 2020: 40 percent of households earning less than $40K lost jobs in March: Fed chairman
Federal Reserve Chairman Jerome Powell said Wednesday that 40% 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.
