Chart: K-shaped economic recovery and 'double hit' for low-wage workers - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

One staggering chart shows the unequal K-shaped economic recovery that's playing out — and the 'double hit' facing low-income workers

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.The economic recovery from the pandemic is causing uneven outcomes between workers at the top and those at the bottom.

"The overwhelming brunt of the burden of this downturn have been borne by low-wage workers," said Evercore ISI policy economist Ernie Tedeschi, who analyzed the data.The pandemic caused a historic economic collapse earlier this year, ending a decade-long stretch of growth. "If not contained and reversed, the downturn could further widen gaps in economic well-being that the long expansion had made some progress in closing," Powell said. HeThe chart below from Ernie Tedeschi, policy economist at Evercore ISI, starkly illustratesunderway. The data — from the latest Current Population Survey — shows employment among workers earning less than $16 an hour has declined around 27% since the pandemic started. It's still dropping.

Scott Winship, the director of poverty studies at the right-leaning American Enterprise Institute, called the pandemic recession "a double hit" for workers with smaller incomes.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fed's Powell warns of a 'weak' US economic recovery if more stimulus isn't enacted - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Check out my Gig on Fiverr: Do You Want To Make 3d Animated Logo Intro Video In $5 ? Contact Me : Logo Animation 3D Logo Animation Top Logo Animation Best Logo Animation How is forcing small businesses into debt they can’t pay help the economy? Businesses will be making money to pay the government not themselves or employees.
Source: BusinessInsider - 🏆 729. / 51 Read more »

One chart shows worker satisfaction is quickly becoming a top priority for executives - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Dr. Fauci warned that Trump's coronavirus recovery could soon go into 'reversal' - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. This guy Could is the key word here. Trump's recovery could just as likely continue.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Geneva introduces world highest minimum wage of $25 an hour - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Oh yeah ? America should take notes BernieSanders look this
Source: BusinessInsider - 🏆 729. / 51 Read more »

Documents: Exxon is cutting up to 1,600 workers in Europe - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »