I share the overall view that we are in a very different place in the pandemic economy than we were in April, but a lot of people are still very exposed to severe hardship that may last a long time.

These are the facts that have me concerned…

The Black unemployment rate is not coming down as fast as the white or Hispanic rates, in spite of Hispanic rates climbing fastest and having highest peak in April (an unprecedented change in the relative rates). https://twitter.com/gbenga_ajilore/status/1301862619796701184?s=20

Another view of the same concern: https://twitter.com/aaronsojourner/status/1301870132566712321?s=20

. @Swazonomics and I have been watching food and housing security in @uscensusbureau's HHP, which ended in July. Food insecurity as a result of not being able to afford more food actually worsened through July…

…while food insecurity due to availability improved. This means for some Americans, food access feels back to normal while a rising share of others are going without.

Use of food donation outlets also rising in the US, although composition across race/ethnic groups changing through the pandemic, and…

…we see the same pattern for on-time rent/mortgage payment.

These tabulations are available in the @MinneapolisFed COVID tracker. https://www.minneapolisfed.org/region-and-community/regional-economic-indicators/covid-19-and-the-ninth-district-economy-a-dashboard

There is mounting evidence that lower earning households saved through the pandemic, but survey responses suggest providing for basic needs remains an elevated concern.

My view is that these survey responses are informative, and we should listen to what folks are saying here. I develop this more in @BPEA slides and a forthcoming discussion.

https://www.brookings.edu/wp-content/uploads/2020/06/2c_Wozniak_safetynet.pdf