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Fed Survey Sees Consumers Faring Better, But Uncertainty Remains
The second of two supplemental surveys conducted by the Federal Reserve shows that U.S. families were faring better financially in July than in April, but many still faced uncertainty regarding layoffs and prospects for returning to work. The Fed conducted the surveys in April and July to supplement its annual “Survey of Household Economics and Decisionmaking,” which was conducted last October.
In July, 77% of adults said they were doing at least okay financially, up from 72% in early April and 75% in October 2019, the Fed said Friday. This increase is likely due to some people returning to work, along with availability of assistance programs either from the government or from charitable organizations.
While financial assistance programs helped buffer against hardships and some people have returned to their jobs, many others remain out of work. Fourteen percent of all adults reported being laid off since the pandemic began.
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- ◦Economy
