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A startling indicator of the economic impact of COVID-19 is that unemployment rates reached the highest level since the Great Depression in April. As a result, claims for unemployment benefits have risen dramatically, though millions of people who have lost their jobs have been unable to apply or have had trouble applying for this benefit. Yet these figures do not reveal the extent to which households are struggling financially as a result of a COVID-19 related job loss.
To report findings about COVID-19 job and income losses and financial hardships, the Social Policy Institute at Washington University in St. Louis administered a unique nationally representative survey to 5,500 respondents from April 27 to May 12 . A job loss is one of the worst financial shocks most families will face, making it extremely difficult to make ends meet and avoid devastating downstream effects like foreclosures or evictions. During the COVID-19 pandemic, unemployment reached historic heights with more than 40 million unemployment benefit claims filed—even exceeding the unemployment levels during the Great Depression
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