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Unemployment Rates and Household Debt During the COVID-19 Pandemic

CRS report via LC – Unemployment Rates During the COVID-19 Pandemic: In Brief, October 23, 2020: “The Coronavirus Disease 2019 (COVID-19) pandemic has had a significant effect on unemployment in every state, industry, and major demographic group in the United States. This report provides information on which groups have experienced the largest increases in unemployment rates since the onset of the pandemic in 2020. Young workers, women, workers with low educational attainment, part-time workers, and racial and ethnic minorities had relatively high unemployment rates in April. Many, but not all, of these groups had relatively high rates in September as well. The report also compares the overall unemployment rate during the current recession with the unemployment rate experienced during the Great Recession…”

See also COVID-19: Household Debt During the Pandemic – “The Coronavirus Disease 2019 (COVID-19)pandemic has had a large and persistent economic impact across the United States. Fear of infection, social distancing, and stay-at-home orders prompted business closures and a severe decline in demand for travel, accommodations, restaurants, and entertainment, among other industries. This led to a significant reduction in employment and a loss of income in many U.S. households. Unemployment rose rapidly to a peakat14.7% in April and has since fallen to 7.9% in September. Consequently, many Americans have lost income and faced financial hardship. Survey results suggest that since March 2020, half of all U.S. adults live ina household that has lost some employment income..”

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