As Treasury Secretary Mnuchin leads the Trump administration’s effort to forge an agreement with Congress on another pandemic relief bill, the employment picture remains bleak for many Americans.
Data analytics firm Statista wrote at the end of last week,
Sources: U.S. Department of Labor, Statista
* Multiple answers possible.
Sources: Bankrate/YouGov, Statista. Survey conducted June 18–23, 2020.
The good news is that the CARES Act has provided essential income to millions of Americans and has had a profound effect on consumer spending and the economy.
Barron’s noted this past weekend,
FIGURE 3: ENHANCED UNEMPLOYMENT BENEFITS BOOSTED WORKER PAY
AND CONSUMER SPENDING
Note: January 2019 = 100; data on pay through May, data on spending goes through June.
Sources: Bureau of Economic Analysis, Census Bureau; Barron’s calculations