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AP-NORC survey. Many in the United States still face COVID-19 financial losses

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CHARLOTTE, NASA – About 4 in 10 Americans say they still feel the financial impact of losing a job or income within their family as economic recovery is unequal within a year of a coronavirus outbreak.

A new survey by the Associated Press-NORC Center for Public Affairs provides further evidence that the epidemic has been devastating for some Americans, leaving others almost incurable or even better, at least when it comes to their finances. The outcome often depended on the type of work and income level of the person before the epidemic.

The epidemic has particularly affected black Latinos, as well as younger Americans, some of whom are now going through the second major economic crisis of their adult lives.

“I just felt like we were already in a worse situation, so (the epidemic) was kind of throwing us even deeper into the dirt,” said Kenard Taylor, a 20-year-old student at Acks Exxon College. During the first weeks of the epidemic, Taylor lost his job as a server in the university cafeteria, struggled to pay his rent, and continued his education. He had to move with his family.

The survey shows that about half of Americans say they have had at least one loss of household income during the epidemic, including 25% who have had a household cut կրճատ 31% who say they have had a household cut. someone is designed for fewer hours. Overall, 44% said their households had lost income from the epidemic, which still affects their finances.

The results of the survey match the latest economic data. According to the Department of Labor, about 745,000 Americans applied for unemployment benefits during the week of February 22, and about 18 million Americans remain on the unemployment list.

Thirty percent of Americans say their current household income is lower than it was at the start of the epidemic, while 16 percent say it is higher and 53 percent say there has been no change. About half of those who have lost their household income during the epidemic say their current household income is lower than it once was.

The results of the survey reflect what some economists call “K-shaped recovery”, which has caused controversy among Americans. Those who had office work were able to move from work to home, while those who worked in the hard-hit industries, such as entertainment, lunch, and travel, suffered. The poor have a harder time recovering financially than the rich. Latin American households did not lag behind their white counterparts.

Logan Davit, 30, kept his job with the government through the epidemic because he could work part-time. But his wife, a childcare worker, lost her job և after months of searching for a new one, she returned to school. Their financial situation was further complicated by the fact that their first child was born in the first months of the epidemic.

“We had plans to have a house. We had to erase that idea և we came together for only one car. “We cook a lot from home, we go in bulk,” said David.

One in ten Americans say they have not been able to pay their mortgage in the last month because of the epidemic, and about as many say that about a credit card bill. Overall, about a quarter of Americans say they have not been able to pay one or more bills in the past month.

At some point in the past year, 38 percent of Hispanic citizens, 29 percent of black Americans, have had some household reductions, while 21 percent of white Americans.

This decline was especially severe for young Americans. Forty percent of Americans under the age of 30 report lower incomes now than they did in March 2020. About 4 out of 10 are for less hours. About a quarter say they have quit their jobs. Many millennials who experienced a major setback in their adult lives are now experiencing a serious financial crisis.

Congress plans to complete the Biden administration’s $ 1.9 trillion stimulus package, which includes assistance to many American businesses still affected by the epidemic. Tim’s time is very important. Many of the aid previously passed by Congress, particularly unemployment benefits, will expire in the next few weeks.

More about the COVID-19 epidemic

“It will really help us,” said Nikki Luman, 43, of Ohio. Luman worked part-time at his local library, which had to close during the first weeks of the epidemic. Due to COVID restrictions, the library is still operating at low capacity, which means that it spends fewer hours each week.

“That’s $ 400 a month, which we’ve been missing for the last year,” he said.

Things are not as dire as they were for some Americans in the early stages of the epidemic, in part because of previous actions by Washington. Also, lifestyle changes. Less food outside, less travel, less live entertainment have allowed some Americans to improve their financial lives. According to the survey, about 4 out of 10 say that they have saved more money than usual, և 3 out of 10 pay off their debts faster than usual.

Tracy Jurgens, 44, works in freight. Jurgens said his income evaporated in the first weeks of the epidemic when demand for trucks plummeted. Jürgen’s boss was able to get a small business loan through the Paycheck Protection Program, which he used to buy new equipment over the summer, when everything began to recover.

“I do not know what I would do if he did not get another truck,” he said.

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Swanson reported from Washington. AP correspondent Nathan Elgren contributed to this report in Washington.

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The AP-NORC survey of 1,434 adults was conducted from February 25 to March 1, using a sample selected from the NORC probability-based AmeriSpeak panel for the US population. The sampling error range for all respondents is plus or minus 3.4 percentage points.

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Online:

AP-NORC Center: http://www.apnorc.org/.

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