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Businessman standing between two downward-trending arrows On average, salaried and hourly workers are in a similar boat when it comes to income reduction, having lost $640 billion and $629 billion, respectively. (Image: Shutterstock)

U.S. workers have lost a bruising $1.3 trillion in yearly earnings through layoffs, furloughs and pay cuts during the COVID-19 pandemic, according to research from the Society for Human Resource Management and global advisory firm Oxford Economics.

The data, collected between April 27 and May 1, revealed that about 19 million people — 13% of hourly workers and 14% salaried — had been furloughed or made redundant.

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