Financial conditions worsen for Americans due to COVID-19 pandemic

Washington: Financial conditions have worsened dramatically for people who experienced a job loss or reduced hours in March as the COVID-19 pandemic swept across the US, according to a report released by the Federal Reserve Board. In April, fewer adults reported that they were at least doing okay financially six months earlier, said the report on the Economic Well-Being of US Households on Thursday. A smaller supplemental survey showed that 43 per cent of adults were "doing okay" financially, and 29 per cent were "living comfortably", down from 75 per cent and 36 per cent, respectively, in the fall of 2019, reports Xinhua news agency. (IANS)

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