WASHINGTON, July 14, 2020 (BSS/AFP) – American families were slightly less pessimistic about their finances and jobs in June, but remained concerned about their economic prospects amid the coronavirus pandemic, according to a survey released Monday.
The results came before the recent uptick in COVID-19 cases and deaths in states like Florida, Texas and California, which has led to a tightening of restrictions in those areas.
The Federal Reserve’s New York bank found US workers are less concerned about losing their job than in May, but more fearful that they won’t find a job if they need one.
Fewer worry about missing a debt payment in the next three months or that their financial situations will worsen in the coming year, the survey found.
However, “While improved relative to readings from March to May, perceptions and expectations of financial conditions remain weaker compared to pre-COVID-19 readings,” the New York Fed said of its findings.
Earnings expectations for the coming year declined, well below the 12-month average to 1.6 percent, a new series low.
And as with so many of the economic impacts of the pandemic, “The decline was largest for lower-income (below $50,000) respondents and those without a college education,” the survey found.
Home prices were a bright spot in the survey, with a jump in the share of respondents expecting the value of their property to rise.