With today’s 6.6 million new jobless claims report, it’s no wonder why consumer economic sentiment reached an all time low this week. Moreover, over the past two weeks, Americans who are very concerned about being in public right now amid the coronavirus pandemic eclipsed those who are only somewhat concerned about it.
Those most concerned are the least optimistic when asked to think about the economy six months from now, too. They also over-index in saying “no way” to now being a good time or not for major purchases like a car, home improvements, and / or the purchase of a new home.
More on Those Jobless Numbers
Overall job concern continues to climb even higher from our reading two weeks ago. As of this week, 71% of employed Americans are at least somewhat concerned about their job security.
When the data is broken down by employment status, those who are concerned are twice as likely to be out of work right now due to the coronavirus and four times as likely to be working but seeing a reduction in their hours or pay than those not at all concerned about their job right now.
As reported by the Labor Dept. today, new jobless claims were at 6.6 million last week, bringing the total to 10 million filed over the past two weeks. As it stands this week, 16% of Americans surveyed lost their jobs due to the pandemic, and 16% are working reduced hours and getting paid less.
Breaking it down further by occupation, we see those hit the hardest are in service, craftsman, or labor fields, to no surprise. However, among those not working as much or at all there is a strong showing of professionals, technical workers, and even medical workers.
CivicScience is tracking these questions and countless others 24/7 as the trusted source for coronavirus impact data as it pertains to consumer sentiment. We’ll report on these numbers bi-weekly following the release of the ESI.