The coronavirus pandemic has already started to hit American pocketbooks, with nearly 1 in 5 households experiencing a layoff or a reduction in work hours, according to a new .
As people stay home, avoid crowds and cancel plans to avoid spreading the disease, it's rapidly causing a contraction in economic activity that is hurting a wide range of businesses.
Restaurants, bars, hotels and airlines are among the hardest-hit industries, but the ripple effects of the drop in demand are expected to spread across virtually the entire economy.
As of March 13-14, when was conducted, layoffs and reduced hours had already hit 18% of U.S. households.
Lower-income workers were the most affected: A quarter of households making less than $50,000 had experienced cut hours or a job loss.
And even those who haven't lost work because of the coronavirus are often working differently because of .
A third of American households have had at least one person change their work routine because of the coronavirus. College graduates (43%) were more likely to experience this shift than nongraduates (25%).
Many businesses have allowed or instructed people to work from home to reduce their exposure to the virus. But many jobs, particularly blue-collar and service or retail jobs, cannot be done remotely.
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