Consumer confidence is collapsing in the U.S. as the economic effects of the coronavirus outbreak come into greater focus. In an April SurveyMonkey poll for the New York Times, one third of people in the country (33%) say they are worse off now than they were a year ago—the highest yet recorded for that response. Similarly, just 36% of people expect to be better off a year from now—the lowest yet recorded for that response, and a sharp fall from the 47% record high who said in January they expect to be better off in a year.
More people now than in the past three years (59%) say they expect periods of widespread unemployment or depression to occur in the next five years. Nearly four in 10 people (39%) say now is a bad time to make large purchases.
One in 10 people say they are not employed but looking for paid work, and another 5% are not employed but not looking. Among those who still work, either full- or part-time, 44% say their hours have been cut or their income has been reduced because of the coronavirus outbreak. The vast majority (90%) say they haven’t received paid time off (health or family leave) through the emergency program created because of the coronavirus outbreak.
A substantial minority (42%) of employed people say they are worried they will lose their job in the coming weeks because of the coronavirus outbreak. Part-time workers are more likely than full-time workers to be worried they will lose their job (54% vs. 38%), as are those with lower household incomes.
For more detailed results, click through the interactive toplines below.
Read more about our polling methodology here.
Question text:
Which one of the following issues matters MOST to you right now?
Would you say that you and your family are better off or worse off financially than you were a year ago?
Now looking ahead - do you think that a year from now you and your family will be better off financially, worse off financially, or just about the same as now?
Now turning to business conditions in the country as a whole - do you think that during the next 12 months we'll have good or bad times financially?
Looking ahead, which would you say is more likely to take place in the next five years for the country as a whole:
Thinking about the big things people buy for their homes - such as furniture, a stove, a television… Generally speaking, do you think now is a good or bad time for people to buy major household items?
How worried are you that you or someone in your family will be exposed to the coronavirus?
As you may know, many businesses across the country have been closed as a result of the coronavirus outbreak. Overall, do you think the business closures have gone too far, been about right, or have they not gone far enough:
Do you approve or disapprove of the way President Trump is handling the federal government’s response to the coronavirus?
Do you approve or disapprove of the way Congress is handling the federal government’s response to the coronavirus?
Do you approve or disapprove of the way your governor is handling your state’s response to the coronavirus?
Have your hours been cut or has your income been reduced because of the coronavirus outbreak?
Are you able to work from home because of the coronavirus outbreak?
Have you received any paid time off (health or family leave) through the emergency program created because of the coronavirus outbreak?
How worried are you that you will lose your job in the coming weeks because of the coronavirus outbreak?
Did you lose your job because of the coronavirus outbreak?
Have you applied for unemployment benefits?
How likely do you think you are to find a new job in the next month?
