New report explores early COVID-19 impact
How did U.S. households fare in the early days of the COVID-19 pandemic? Of people working in February who were living in households earning less than $40,000 a year, 39% reported they were laid off in March or early April. The Federal Reserve’s fourth issue of Consumer & Community Context features four articles presenting analysis of how consumers, communities and community development organizations have responded to the pandemic.
- The first article looks at select results from the most recent Survey of Household Economics and Decisionmaking (SHED), originally fielded in October 2019, and from supplemental SHED surveys fielded in April and July 2020 to measure the economic impact of the pandemic.
- The second describes the operations of community development financial institutions and their roles in responding to the pandemic.
- The third presents the results of an analysis of consumer complaints to the Consumer Financial Protection Bureau about their experiences with financial institutions.
- The fourth highlights the results of a survey of organizations providing services to low- and moderate-income communities during the pandemic.
Read more in depth in Consumer & Community Context.
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For past issues, visit https://www.federalreserve.gov/publications/consumer-community-context.htm.