Job losses are 4 times worse for the lowest-paid workers so far in the coronavirus pandemic, study shows
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.More than 35% of all workers in the lowest wage group lost a job through mid-April compared to 9% of workers in the highest-earning group, economists led by Tomaz Cajner of the Federal Reserve Board wrote in aThe study confirms that the weight of the coronavirus pandemic is falling hardest on those least able to bear it.
More than 35% of all workers in the lowest quintile of wage earners were laid off through mid-April, compared to only 9% of all workers in the highest quintile, economists led by Tomaz Cajner of the Federal Reserve Board wrote in a"The employment losses during the Pandemic Recession are disproportionately concentrated among lower wage workers," the economists wrote.
Even as the US economy reopens and some people are able to return to work, the gap between the lowest and highest paid workers persists, according to the study. "By mid-May, employment for workers in the bottom quintile was still depressed by 30 percent," the economists wrote, adding "only about 5 percent of these top earning workers remain out of work through mid-May." Job losses for women were about four percentage points higher than they were for men, according to the report.
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