The real killer is coronavirus unemployment
By Christopher Dembik, Head of Macro Analysis, Saxo Bank
Today, the U.S. Federal Reserve will release a survey confirming the economy is doomed for a long and painful downturn. Chairman Powell said in a webinar at the Peterson Institute for International Economics yesterday that one of the main findings, which is similar to that of many other surveys, is that lower-income Americans have been the most affected by the consequences of the virus. According to Powell: “Among people who were working in February, almost 40% of those in households making less than 40,000 USD a year had lost a job in March”.