The U.S. poverty rate saw its sharpest increase since the 1960s as the coronavirus pandemic devastated the economy in 2020, according to a recent study.
The poverty rate increased 2.5 percentage points from 9.3% in June to 11.8% in December, according to the study released Monday by economists Bruce Meyer, of the University of Chicago, and James Sullivan, of the University of Notre Dame, Bloomberg reported. In total, 8.1 million Americans were added to ranks of the poor, according to the researchers.
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