WASHINGTON (WLNS) – Between July 9 through July 14, officials collected responses on the social and economic effects of COVID-19 on American households.
The U.S. Census Bureau continues to gather information using the Household Pulse Survey and has found that during the pandemic, 51.1% of American adults live in households which have experienced a loss in employment income.
Additionally, 35.2% of American adults expect to experience a loss in employment income, according to the Household Pulse Survey responses.
On July 29th, quarterly results during one of the busiest weeks of the earnings season showed the economic effects of COVID-19.
General Motors was forced to close all of its factories for two months back in March, resulting in the Detroit automaker losing $806 million from April through June.
Boeing is dealing with a wave of order cancellations as the travel industry continues to take a hit.
The company lost $2.4 billion in the second quarter and will slow production as well as cut more jobs as demand for commercial aircraft shrinks during the coronavirus pandemic.
“The reality is the pandemic’s impact on the aviation sector continues to be severe,” Boeing CEO David Calhoun said. He said airlines are delaying purchases, slowing down deliveries and deferring elective maintenance, “all of which affects our business and, ultimately, our bottom line.”
That bottom line also hurts American households where nearly 1 in 8 adults say there was not enough to eat in the last week, according to Census Bureau. 40.1% of adults also say they had delayed getting medical care in the previous four weeks.
More than 1 in 4 adults either missed last month’s rent or mortgage payment. The slight to no confidence that households could make the next payment on time also translates to utility payments. U.S. energy consumption plummeted to its lowest level in more than 30 years this spring as the nation’s economy largely shut down because of the coronavirus, federal officials reported on July 29th.
Shutdowns and crowd restrictions imposed by state and local governments to limit the spread of the virus have resulted in more than $1 trillion in estimated losses so far for thousands of rapidly sinking small businesses.
The House passed a $3.5 trillion measure in May, but Republicans controlling the Senate have demanded a slower approach, saying it was necessary to take a “pause” before passing additional legislation.
Negotiations on a relief bill are set to resume Monday afternoon where areas of agreement already include the $1,200 direct payment and changes to the Paycheck Protection Program to permit especially hard-hit businesses to obtain another loan under generous forgiveness terms.
The terms and structure of the unemployment benefit remains a huge sticking point, negotiators said Sunday.
“We still have a long ways to go,” White House chief of staff Mark Meadows said, adding, “I’m not optimistic that there will be a solution in the very near term.”
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