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.
The global Covid-19 pandemic has extracted a terrible human toll and spurred sweeping changes in the world economy. Across industries, executives have begun reassessing their strategies and repositioning their companies to thrive now and in the world beyond coronavirus.