Number of the Day Shows Pandemic Pay Cuts Are Common
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That’s how many people in the U.S. lost part of their income because of the pandemic, according to new estimates, showing unemployment isn’t the only problem to contend with.
Indeed, many people are working but have smaller paychecks than they did prior to the COVID-19 pandemic, according to consumer data company Cardify, which analyzed the incomes of more than 100,000 people who shared their data. The estimate compared income between October 2019 and February 2020 against income between April and August of this year, and excluded any stimulus or unemployment insurance payments, Cardify said in its latest quarterly report. About 5% of the group lost their entire income, and the slim majority—51%—had either no income loss or an increase.
Cardify. "Fall 2020 Report. Consumer Trends During COVID-19." Page 5. Accessed Nov. 23, 2020.