Report: COVID-19 Has Cost Americans $1.3 Trillion In Income

Chris Sommer
May 20, 2020 - 1:02 pm

More than 30 million American workers have lost their jobs as a result of the coronavirus pandemic. 

But, the Society for Human Resource Management (SHRM) says the unemployment numbers do not illustrate the full economic impact of COVID-19 on families in the U.S.

According to new research released by SHRM and Oxford Economics, American workers have lost an estimated $1.3 trillion in income during the pandemic.  And, the data suggests 20% of that lost income represents earnings of those who remain employed. 

In other words, either hours or pay or both have been cut recently for many who still have a job.

SHRM Chief Knowledge Officer Dr. Alex Alonzo talked about the survey, and about how long a recovery could take, with KRLD's Chris Sommer.