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

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U.S. workers have lost a bruising $1.3 trillion in yearlyearnings through layoffs, furloughs and pay cuts during theCOVID-19 pandemic, according to research from the Society forHuman Resource Management and global advisory firm OxfordEconomics.

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

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Related: 10 worst cities for virus-relatedunemployment

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More women lost jobs than men, which, according to ZipRecruiterlabor economist Julia Pollak, is because they're more likely tohave child and elder care responsibilities, and because theworst-hit industries have a majority-female workforce. Theseinclude hospitals, schools and childcare services, salons, dentaloffices and clothing stores.

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Experts also suspect that actual unemployment rates stand atabout 25% — much higher than the official rate of 14.7% reportedmid-April. That's because they anticipate many people are not yetlooking for work.

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And thanks to widespread pay cuts, the average worker has lost$8,900 of their yearly income. Hotel and restaurant staff saw theworst of that, according to the analysis, which doesn't includeself-employed workers.

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Hourly workers who still had jobs in late April watched theirhours fall by about 9% across all sectors, according to the data,which said 5% of workers on a salary witnessed a 14% drop.

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On average, salaried and hourly workers are in a similar boatwhen it comes to income reduction, having lost $640 billion and$629 billion, respectively.

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SHRM's President and CEO Johnny C. Taylor Jr. called the figureshard to look at, but said leaders should take note.

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"This is our reality—and it underscores the urgency with whichwe must move to safely reopen and return to work," Taylor said.

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Employment levels probably won't recover quickly, according toOxford Economics, which hypothesized that about 20% of largemetropolitan areas and 11% of smaller communities will be back ontrack by the end of 2022.

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Experts say the ability to work from home will be key torecovery, and jobseekers are increasingly searching for "online"and "wfh" (work from home) job postings.

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The data stems from SHRM's biweekly Business Index study on the effects ofCOVID-19.

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Raychel Lean

Raychel Lean is ALM's Florida bureau chief, overseeing the Daily Business Review. Email her at [email protected] or follow her on Twitter via @raychellean.