Since 2013, the Federal Reserve
Board has conducted the Survey
of Household Economics
and Decisionmaking,
which measures the economic
well-being of U.S. households
and identifies potential
risks to their finances.
The 2019 survey of over 12,000
adults was conducted in October
of last year, offering a picture
of personal finances prior
to the onset of the
COVID-19 pandemic.
To obtain updated information
in the midst of closures
and stay-at-home orders, a
smaller supplemental survey
of just over 1,000 adults
was conducted from April 3-6
of this year, focusing
on labor market effects
and households' overall
financial circumstances
at that time.
Drawing on both the
surveys, the latest Report
on the Economic Well-Being of
U.S. Households finds declines
in overall economic well-being
between the fall of 2019
and April 2020, concentrated
among those
who experienced employment
disruptions in March.
Half of those who lost a job
or work hours said they were
at least okay financially,
while the other half
were experiencing greater
financial difficulties.
Based on the supplemental
survey,
13 percent of all adults said
they lost a job, were laid off,
or were told not
to work in March.
This suggests that
20 percent of people
who were working before the
pandemic lost a job in March.
Six percent of all
adults were not laid off
but had their hours reduced
or took unpaid leave.
Individuals who lost a job
or had reduced hours reported
difficulty in paying bills.
As of early April, 18 percent
of adults said they
could not pay all
of their current month's bills
in full, with greater difficulty
in paying bills among those
laid off or working fewer hours.
Among adults who lost a job
or had their hours reduced,
70 percent reported that
their income declined.
Overall, 23 percent of
adults said their income
in March was lower
than in February.
Five percent said
their income increased.
More than 9 in 10 who lost a job
or were told not to work expect
to return to the same
job, including 14 percent
who were told the date
to expect to return
or who have already
returned to work.
Education is a major determinant
of where workers are physically
able to do their jobs.
Sixty-three percent of workers
with a bachelor's degree
worked entirely from home
in the last week of March.
Sixty-seven percent of workers
who never attended college
and 60 percent who
completed some college
or an associate degree worked
entirely outside of their homes.
The Board plans to
continue to use the survey
to understand how consumers
are faring during the pandemic.
This and other such
information is available
in the latest Report
on the Economic Well-Being
of U.S. Households.
To view or download this
year's full report, visit:
federalreserve.gov /
consumerscommunities / shed.htm
