MORNING CONSULT ECONOMIC INTELLIGENCE
Pandemic Economics: How COVID-19 is Shaping American Household Behavior
The coronavirus has precipitated an unprecedented health and economic crisis, creating unprecedented challenges for households and businesses. A critical question is how this may be changing how Americans make important economic decisions. Morning Consult and Moody’s Analytics have teamed up, conducting an in-depth survey of 5,000 adults in mid-September, to examine how the pandemic is impacting decisions over household finances, parenting, starting a business, employment, and moving.
This page will host the research as it becomes available. The first report – looking at household finances – is available for download below. The press release detailing the research series is available here.
In this paper, we explore the impact of the pandemic on household finances. The key findings are as follows:
- More than six months into the pandemic, households remain highly dependent on stimulus payments and unemployment insurance benefits to pay for everyday expenses
- Nearly 12 million households are unsure they can make timely mortgage payments.
- The pandemic has prevented well over one-third of unemployed workers from conducting a job search.
- Almost one-third of workers are concerned they will lose their job or hours, or suffer a pay cut, in the near future.
- There are significant differences across income groups, highlighting the diversity of economic experiences during the pandemic, with lower-income adults faring worse than high-income adults.
- Given how tenuous households’ finances are, policymakers need to quickly provide additional financial support or risk undermining the precarious economic recovery.
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Economic Intelligence provides access to the most robust data set on consumer confidence available today, built around 11,000 daily interviews in 15 countries. Along with daily updates to the data set, clients receive access to Morning Consult's team of economists, data scientists, and survey research experts.
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