American workers are seeing and feeling the sweeping consequences of the coronavirus outbreak on the US economy.
The weekly Bain/Dynata survey of US consumers find that 31% of respondents have seen their income or hours reduced, 18% have been temporarily or permanently laid off, and 10% have temporarily or permanently closed their business.
On the other end of the spectrum, 6% of respondents have seen their hours or income increase. About one-third of all respondents—35%—said the outbreak hasn't affected their employment or income.
Karen Harris is managing director of Bain & Company's Macro Trends Group and is based in the firm's New York office.
Dynata provides first-party data for the Bain Consumer Health Index and provides a nationally representative sample of US adults (weekly) that constitutes the underlying data for this analysis.