CHARLOTTE, NC (AP) – About 4 in 10 Americans say they still feel the financial impact of losing a job or income at home, as the economic recovery remains uneven a year after the pandemic of coronavirus.
A new survey by the Associated Press-NORC Center for Public Affairs Research provides further evidence that the pandemic has been devastating for some Americans, while leaving others virtually unharmed or even in better condition, at least when it comes to of their finances. The outcome often depended on the type of work a person had and their income level before the pandemic.
The pandemic has especially affected black and Latino households, as well as young Americans, some of whom are now experiencing the second major economic crisis of their adult lives.
“I just felt like we were already in a tougher position, so (the pandemic) threw us even further underground,” said Kennard Taylor, a 20-year-old black college student at Jackson College. Taylor lost her job as a server in the campus cafeteria in the early weeks of the pandemic and struggled to make rent and car payments while continuing her studies. He had to live again with his family.
The survey shows that about half of Americans say they have experienced at least one form of loss of household income during the pandemic, including 25% who have experienced a home dismissal and 31% who say someone of the home was scheduled for fewer hours. Overall, 44% said their household experienced loss of income due to the pandemic that still has an impact on their finances.
The results of the survey are consistent with recent economic data. Approximately 745,000 Americans applied for unemployment benefits the week of Feb. 22, according to the Department of Labor, and approximately 18 million Americans remain on unemployment records.
Thirty percent of Americans say their current family income is lower than when the pandemic began, while 16% say it is higher and 53% say there has been no change. About half of those who experienced any form of loss of household income during the pandemic claim that their current household income is lower than it was.
The results of the survey reflect what some economists have called a “K-shaped recovery,” where there have been divergent fortunes among Americans. Those who worked in the office were able to move to work from home while those who worked in industries as affected as entertainment, food and travel suffered. The poor have struggled to recover economically compared to the rich and black and Latino households have not recovered as well as their white counterparts.
Logan DeWitt, 30, kept his job in government through the pandemic because he could work remotely. But his wife, a daycare worker, lost his job and after months of looking for a new one he has returned to school. His financial situation was further complicated by the fact that his first child was born in the first months of the pandemic.
“We had plans to get a house. We had to undo that idea and consolidate into one car. We cook a lot from home and buy in bulk, ”said DeWitt.
About 1 in 10 Americans say they were unable to make a home payment in the last month because of the pandemic, and about as many as they say on a credit card bill. Overall, about a quarter of Americans say they have been unable to pay one or more bills in the past month.
Thirty-eight percent of Hispanics and 29% of black Americans have experienced a layoff at their home sometime last year, compared to 21% of white Americans.
This recession has been particularly hard on young Americans as well. Forty percent of Americans under the age of 30 report lower incomes now, compared to March 2020. About 4 in 10 fewer hours have been scheduled. About a quarter say he quit his job. Many millennials, who experienced the Great Recession early in their adult lives, are experiencing another major financial crisis.
Congress is about to finalize the $ 1.9 trillion Biden administration stimulus package this includes help for many Americans and businesses who are still feeling the impact of the pandemic. The timing is crucial: many of the relief measures previously approved by Congress, especially unemployment benefits, will be completed in the coming weeks.
“It will really help us,” said Nikki Luman, 43, of Ohio. Luman worked part-time at his local library, which had to close in the first few weeks of the pandemic. The library continues to operate at low capacity due to COVID restrictions, which translates into fewer hours for it each week.
“That’s $ 400 a month we’ve lost over the last year,” he said.
Things are not as terrible as in the early stages of the pandemic for some Americans, in part because of previous measures taken by Washington. In addition, lifestyle changes: less eating out, less travel, no live entertainment, have allowed some Americans to make their financial lives healthier. In the survey, about 4 out of 10 say they have saved more money than usual and that about 3 out of 10 have paid off debt faster than usual.
Tracie Jurgens, 44, works in the truck industry. Jurgens said his revenue evaporated in the first few weeks of the pandemic as demand for truckers plummeted. Jurgen’s boss was able to get a loan through the Small Business Check Protection Program, which he used to buy new equipment in the summer as things began to recover.
“I don’t know what I would have done if I hadn’t gotten another truck,” he said.
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Swanson reported from Washington. AP reporter Nathan Ellgren contributed to this report from Washington.
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The AP-NORC survey of 1,434 adults was conducted from Feb. 25 to March 1 using a sample taken from the AmeriSpeak panel based on NORC probabilities, which is designed to be representative of the U.S. population. The margin of sampling error for all respondents is approximately 3.4 percentage points.
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On line:
AP-NORC Center: http://www.apnorc.org/.