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Recession Leaves More than Half of American Workers Jobless or Underemployed

A striking new study from the Pew Research Center shows that more than half of Americans -- 55 percent, to be exact -- have suffered a layoff, had their hours

Jul 31, 2020
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A striking new studyfrom the Pew Research Center shows that more than half of Americans — 55 percent, to be exact — have suffered a layoff, had their hours reduced or been forced to work part time during the recession. Here is a summary of some key findings:
  • The recession has, at some point, left one in three workers unemployed and more than half of workers unemployed or underemployed — with their hours cut or their status reduced to part-time, for instance.
  • 95 percent of Americans believe the economy is still in a recession, though 41 percent believe it is starting to come out of the recession. Just 3 percent believe the recession is over. Whites and Republicans are more likely than other demographic groups to say the recession is still going on — though statistically, minorities and Democrats are more likely to be unemployed or underemployed.
  • More than 60 percent of Americans say they have cut back their spending. And nearly a third say they will continue to spend less, even when the economy is comfortably out of the recession.
  • One-third of adults say they are “not confident” they will have income, assets and housing to finance their retirement. Among workers in their 50s, nearly two-thirds say they will put off retirement because they need to keep working to stay afloat.
  • A quarter of respondents say their children will have a worse standard of living than they do, up from 10 percent 10 years ago.
Dexter Cooke

Dexter Cooke

Reviewer
Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide. He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina. Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations. As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all. Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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