"Employment had fallen nearly 35% from February to mid-May for workers who were previously earning wages in the bottom fourth of wage earners, the central bank said Friday in its semiannual report to Congress. Higher-wage earners, by contrast, had seen employment fall by 5% to 15%.
Because lower-wage earners are disproportionately African-American and Hispanic, unemployment has risen more sharply for those groups."
"“As lower-paid workers are disproportionately employed by small businesses—which typically have fewer financial resources than larger firms—they may be at heightened risk of seeing their former employers shut down and hence experiencing the scarring effects of permanent separations,” the report said."
Saturday, June 13, 2020
Fed Report Says Coronavirus Shock Has Hit Low-Wage Workers Hardest
By Nick Timiraos of The WSJ. Excerpts: