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.

Struggling Through: Household Finances In the Pandemic
BY JOHN LEER OF MORNING CONSULT AND DANTE DEANTONIO, RYAN SWEET, CRISTIAN DERITIS, AND MARK ZANDI OF MOODY'S ANALYTICS
Published: October 13, 2020

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.

Download the full report

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