Economics
Job Losses to Hit Harder for Black, Hispanic Families in U.S.
- JPMorgan Chase Institute study cites smaller cash buffers
- Spending patterns likely to be disproportionately impacted
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The millions of coronavirus-caused job losses will disproportionately impact the spending patterns of families of color, according to a study Tuesday from the JPMorgan Chase Institute.
Black and Hispanic families will likely experience larger income declines than white families because they’re slightly more likely to be paid hourly wages and less likely to have access to paid leave, the authors wrote in a companion paper published by the institute. Such families already tend to have have lower incomes than white families.