Name: Nearly half of American households have lost income since the start of the pandemic
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Nearly half of American households have lost income since the start of the pandemic

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Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.An icon in the shape of a person's head and shoulders. It often indicates a user profile.Redeem nowGet a daily selection of our top stories based on your reading preferences.Something is loading.The coronavirus pandemic has disrupted nearly half of Americans' household incomes.In a , 49% of Americans said their household income was negatively impacted. The survey polled 3,753 adults in June. Young adults were hit hardest — 60% of those ages 18 to 34 said their household income was affected for the worse.&nbsp;This includes being laid off or furloughed, receiving a pay cut, working on reduced hours, and being unable to operate their business as usual. Respondents were also able to select "other" as an option.But despite the income loss for those who became unemployed, many have actually seen their income go up thanks to the passed in March that granted an extra to unemployed Americans.A recent Deutsche Bank report found that this government support has increased personal income since the start of the recession.Unemployment claimants, it stated, are earning nearly $500 more a week than they would without the stimulus: They're receiving roughly $788 a week (equivalent to $41,000 annually), compared to unemployment benefits of about $300 per week (or $15,000 to $16,000 annually) otherwise. (This is on a per-person basis, as some states give more or less than $300 a week.)This analysis underscores a working paper (meaning it hasn't yet been peer reviewed) from May. It found that were making more than they were while employed. One-fifth of workers even doubled their income. the $600 boost and $1,200 stimulus check helped keep around 12 million people out of poverty.This earnings bump led to a quick rebound in consumer spending for the lowest-paid workers, . As he explains it, that means that unemployment benefits or direct payments have had a positive economic effect by helping many people buy groceries, pay rent, and support their essential needs.As Amanda Fischer, policy director at the Washington Center for Equitable Growth, told Zeballos-Roig, "You give lower income people money and they're spending all of it, which is the biggest economic boost."&nbsp;Sign up for notifications from Insider! Stay up to date with what you want to know.Subscribe to push notificationsAn icon in the shape of a lightning bolt.Keep readingIt indicates an expandable section or menu, or sometimes previous / next navigation options.Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.An icon in the shape of a person's head and shoulders. It often indicates a user profile.Redeem nowGet a daily selection of our top stories based on your reading preferences.Something is loading.The coronavirus pandemic has disrupted nearly half of Americans' household incomes.In a , 49% of Americans said their household income was negatively impacted. The survey polled 3,753 adults in June. Young adults were hit hardest — 60% of those ages 18 to 34 said their household income was...

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Nearly half of American households have lost income since the start of the pandemic

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