Recent job losses due to the coronavirus pandemic could mean that less than half of working-age Americans will be earning a wage in May, James Knightley, chief international economist at ING, wrote in a Thursday note.
In an election year, the widespread unemployment will likely mean that the call for politicians to reopen the economy will grow, irrespective of health advice, according to Knightley. Visit Business Insider's homepage for more storiesThe millions of Americans who have lost their jobs in recent weeks due to the coronavirus pandemic will have a devastating impact on the economy going forward as workers are left without pay.
"Thankfully this is below the 24.9% peak experienced in 1933, but we have to remember that one third of Americans aged 18-65 are not classified as employed or unemployed – they are students, early retirement, homemakers, carers or sick," Knightly wrote in a Thursday note.
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And roll that observation into the background of average American family unable to come up with $500 in cash and highest consumer debt since 2008
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