Lives and Livelihoods: Assessing the Near-Term Impact of COVID-19 on US Workers

Lives and Livelihoods: Assessing the Near-Term Impact of COVID-19 on US Workers (McKinsey Global Institute, April 2020, 10p)

As of March 30, three-quarters of Americans were living under state or local stay-at-home mandates or advisories, and the economic fallout has been swift and dramatic.  “Up to one-third of US jobs may be vulnerable—and more than 80% are held by low-income workers.” There is great uncertainty about the depth and duration of this downturn, which could follow a U-shape with a prolonged trough or a V-shape with a strong upward rebound.  “The first phase of the battle to contain COVID-19 could leave 42 million to 54 million net jobs vulnerable to reductions in hours or pay, temporary furloughs, or permanent layoffs.”

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