This downturn is different from those that came before it. 1 This reversal of economic fortune has caused a level of pain that is hard to capture in words, as lives are upended amid great uncertainty about the future. A Fed survey being released tomorrow reflects findings similar to many others: Among people who were working in February, almost 40 percent of those in households making less than $40,000 a year had lost a job in March. Since the pandemic arrived in force just two months ago, more than 20 million people have lost their jobs. We are seeing a severe decline in economic activity and in employment, and already the job gains of the past decade have been erased.

The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II. While we are all affected, the burden has fallen most heavily on those least able to bear it. People have put their lives and livelihoods on hold, making enormous sacrifices to protect not just their own health and that of their loved ones, but also their neighbors and the broader community. Some sectors of the economy have been effectively closed since mid-March. So have the legions of other essential workers who put themselves at risk every day on our behalf.ДЄs a nation, we have temporarily withdrawn from many kinds of economic and social activity to help slow the spread of the virus. This is a worldwide public health crisis, and health-care workers have been the first responders, showing courage and determination and earning our lasting gratitude. The coronavirus has left a devastating human and economic toll in its wake as it has spread around the globe. Factors Affecting Reserve Balances - H.4.1.Industrial Production and Capacity Utilization - G.17.Survey of Household Economics and Decisionmaking.Household Debt Service and Financial Obligations Ratios.Financial Accounts of the United States - Z.1.Statistics Reported by Banks and Other Financial Firms in the United States.Senior Credit Officer Opinion Survey on Dealer Financing Terms.New Security Issues, State and Local Governments.Senior Loan Officer Opinion Survey on Bank Lending Practices.Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks.Assets and Liabilities of Commercial Banks in the U.S.Aggregate Reserves of Depository Institutions and the Monetary Base - H.3.Payments System Policy Advisory Committee.International Standards for Financial Market Infrastructures.Supervision & Oversight of Financial Market Infrastructures.Sponsorship for Priority Telecommunication ServicesДЇinancial Market Utilities & Infrastructures.Federal Reserve's Key Policies for the Provision of Financial Services.Regulation HH (Financial Market Utilities).Regulation II (Debit Card Interchange Fees and Routing).Regulation CC (Availability of Funds and Collection of Checks).Securities Underwriting & Dealing Subsidiaries.Enforcement Actions & Legal Developments.Federal Financial Institutions Examination Council (FFIEC)Д«anking Applications & Legal Developments.Federal Reserve Supervision and Regulation Report.Community & Regional Financial Institutions.

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