First check improved assessment of ability to cover $400 expense, and later payments may be building balance sheets
Before the COVID-19 pandemic, despite a booming economy, about 40% of households said they would have trouble paying a $400 unexpected expense.
The question is how did COVID-19, with its extensive job losses, roaring stock market, and multiple stimulus checks, affect household balance sheets. While full information about the longer-term impact of the stimulus payments will not be available for a few years, recent research using early data provide some indication of the current state of play.
The Federal Reserve’s 2020 Survey of Household Economics and Decisionmaking, which was conducted in November 2020 , shows how the first payment affected households’ assessment of their ability to cover a $400 emergency expense. By comparison, among workers who kept their jobs, the share reporting difficulty covering a $400 expense dropped to a third early in the pandemic from the pre-pandemic level of about 40% — and stayed roughly in this range through the rest of the year.
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