Latest research has indicated that millions of people have been pushed into poverty due to the impact of the Covid-19 pandemic. As infection cases continue to rise and without additional aid, more people are expected to be impacted.
Justin Wolfers, professor at the University of Michigan, shared an article on the number of people in poverty growing to eight million in the US, according to research conducted by Columbia University.
The $2tn stimulus package announced by the US government initially helped in saving millions of people from poverty.
The aid, however, has now exhausted pushing millions into poverty.
Although the job market has witnessed improvement since May, the rebound in the economy is too slow to offset these benefits.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The economy is showing further signs of contraction due to increasing layoffs, rising coronavirus cases and lack of progress on stimulus talks.
Minority groups including Black and Latino people are most affected due to the impact on the industries that they mostly employed.