COVID-19 U.S. Employment Shocks Likely Larger Than Great Depression
Santa Fe InstituteThe U.S. is likely to see a near-term 24% drop in employment, 17% percent drop in wages, and 22% drop in economic activity as a result of the COVID-19 crisis according to a new study. These impacts will be very unevenly distributed, with the bottom quarter of earners at risk of a 42% loss in employment and bearing a 30% share of total wage losses. In contrast, the study estimates the top quarter of earners only risk a 7% drop in employment and an 18% share of wage losses.