According to a survey, 73 percent of U.S. citizens said the outbreak has reduced their family incomes, with 24 percent saying their household incomes have been cut "very significantly."
Nearly three-quarters of Americans said their family incomes have been reduced during the coronavirus outbreak, according to a survey released by the Financial Times and the Peter G. Peterson Foundation on Tuesday.
The survey, conducted between March 24 and March 29, showed that 73 percent of Americans said the outbreak has reduced their family incomes, with 24 percent saying their household incomes have been cut "very significantly."
The survey also found that 71 percent of Americans said the outbreak has affected their personal or business decisions, while 92 percent agreed that the virus will impact America's economy "a lot" in the short or long term.
"The coronavirus outbreak is an unprecedented national emergency, and we need to respond aggressively to address both the public health crisis and the economic risk," Michael Peterson, CEO of the Peter G. Peterson Foundation, said in a recent statement.
"By acting quickly and strategically, we can improve the response and reduce suffering, especially among vulnerable populations," he said.
The survey came as a record 10 million Americans had filed new claims for unemployment benefits in the two weeks ending March 28 due to the outbreak.
As the COVID-19 pandemic continues to ripple across the country, experts believe that the labor market is going to see a double-digit unemployment rate in the coming months.
The coronavirus outbreak could cost 47 million American jobs in the second quarter, bringing the unemployment rate to 32 percent, according to a recent study by the Federal Reserve Bank of St. Louis.