Thursday, May 14, 2020

American Inequality and the Pandemic

More evidence of how the coronavirus pandemic is widening income inequality has emerged after the Federal Reserve announced 40% of households earning less than $40,000 included someone who has lost a job since February.

Latinos posted the highest unemployment rate in April, 18.9%, while unemployment for African Americans rose from 6.7% to 16.7%, wiping out the gains made since the last recession. Those without a college education have been particularly damaged. The unemployment rate for teenagers hit 31.9% in April, up from 14.3% in March.

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