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.
Our weekly survey of US consumers finds that 91% now fear financial harm and 87% worry about the health effects of the pandemic.
US workers under 30 and over 64 have felt the economic impact of Covid-19 the most, including layoffs and reduced hours or income.
As the global pandemic deepens and the human cost of Covid-19 rises, the novel coronavirus outbreak is sending shocks through the world economy. But across industries, companies can take action now to protect their employees and customers and minimize the economic damage.