The pandemic is leaving few people untouched, but America's weakest demographic groups are shouldering the worst burden through job losses and front-line work, against a backdrop of a higher risk of infections and lower savings.The average black and Hispanic families are already bringing in less income that the average white family, but they also have a smaller buffer of liquid assets like savings and investments, according to a new report from the JPMorgan Chase Institute.This leaves these demographics most vulnerable to the aftershocks of the coronavirus crisis.Black and Hispanic workers are also more likely than white workers to be in jobs that pay by the hour. That makes them more susceptible to layoffs. Twenty-two million Americans have filed for unemployment benefits over the past month."As families face job loss and income uncertainty resulting from the Covid-19 pandemic, this report shows that black and Hispanic families will bear the brunt of this economic crisis," said Diana Farrell, President and CEO of the JPMorgan Chase Institute.This also means that government programs to help the country through the outbreak — including the expanded unemployment insurance and stimulus payments — are particularly important for the black and Hispanic communities.Outside the coronavirus crisis, the report's finding underscores the persistent racial gap in America's economRead More – Source
The pandemic is leaving few people untouched, but America's weakest demographic groups are shouldering the worst burden through job losses and front-line work, against a backdrop of a higher risk of infections and lower savings.The average black and Hispanic families are already bringing in less income that the average white family, but they also have a smaller buffer of liquid assets like savings and investments, according to a new report from the JPMorgan Chase Institute.This leaves these demographics most vulnerable to the aftershocks of the coronavirus crisis.Black and Hispanic workers are also more likely than white workers to be in jobs that pay by the hour. That makes them more susceptible to layoffs. Twenty-two million Americans have filed for unemployment benefits over the past month."As families face job loss and income uncertainty resulting from the Covid-19 pandemic, this report shows that black and Hispanic families will bear the brunt of this economic crisis," said Diana Farrell, President and CEO of the JPMorgan Chase Institute.This also means that government programs to help the country through the outbreak — including the expanded unemployment insurance and stimulus payments — are particularly important for the black and Hispanic communities.Outside the coronavirus crisis, the report's finding underscores the persistent racial gap in America's economRead More – Source
