⁍ The economic crisis caused by the coronavirus pandemic is falling hardest on the most vulnerable workers, Chicago Fed President Charles Evans said.
⁍ Evans said that reports of businesses that rushed to reopen without enough safety measures are contributing to a resurgence in infections.
⁍ Even after the virus subsides, some businesses will have shut down permanently and some unemployed Americans will need assistance with finding new jobs.
– The president of the Chicago Federal Reserve Bank says the US economy is in the midst of a “unique and painful” recession caused by the SARS-like coronavirus, Reuters reports. “Tragically, the most affected are our most vulnerable neighbors—those who don’t enjoy paid sick leave, can’t work from home, or don’t have much cushion in their savings accounts,” Charles Evans said at an online forum organized by the Chicago Fed. “Their future is highly uncertain and will require new policies to help them through this difficult transition.” Evans said that even after the virus subsides, some businesses will have shut down permanently and some unemployed Americans will need assistance with finding new jobs. “Simply returning to where we were in February is not enough to meet this generation’s challenge,” he said.
Source: https://www.reuters.com/article/us-usa-fed-evans/feds-evans-says-vulnerable-workers-affected-by-crisis-face-highly-uncertain-future-idUSKCN2562K4