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The essays contained in this report describe a portion of our pandemic-focused work in 2020—highlighting the effects of the pandemic on financial and labor markets, fiscal policy, international trade and designing policies to address pandemics with the lowest economic costs.
The COVID-19 pandemic has caused the biggest blow to the US economy since the Great Depression. GDP fell at a 32.9% annualized rate, the deepest decline since records began back in 1947. 30.2 million Americans were receiving unemployment checks in the week ending July 11.
Aug 14, 2023 · The initial impact of the COVID-19 pandemic on the U.S. economy was widespread and affected people across all age groups and all states while the initial mortality impact targeted mostly older people in just a few states according to independent research by the U.S. Census Bureau.
Jun 6, 2023 · The coronavirus pandemic ushered in quarantines, mask mandates, product shortages, business closures, and businesses scrambling to figure out new ways to keep their doors open. The economic impact of this can be seen in the U.S. Census Bureau’s economic surveys.
- Small business revenue is down 20 percent since January. The COVID-19 pandemic has been particularly damaging for small businesses, which represent the majority of businesses in the United States and employ nearly half of all private sector workers (Bartik, Bertrand, Cullen, et al.
- So far, only Chapter 11 bankruptcies have increased relative to last year. The decline in business revenue has caused many firms to become insolvent.
- New business formations fell off in the spring, but are on track to outpace recent years. At the same time that business closures spiked in the spring, business formations lagged behind pre-crisis levels in the early months of the pandemic.
- Layoffs and shutdowns—and not reduced average hours—are driving in total hours worked. The labor market devastation caused by this pandemic has been the quickest and most severe in recent U.S. history.
The United States Census Bureau's Household Pulse Survey published weekly statistics of the effects of the pandemic on Americans' lives. For week 12 (July 16–21), 51.1% of respondents reported a loss of employment income since March 13, 2020, 12.1% reported food scarcity, 40.1% delayed getting medical care in the past four weeks, and 26.5% ...
Sep 29, 2021 · The Uneven Nature of the COVID-19 Pandemic and Economic Recovery As of September 26, 2021, more than 687,000 people in the United States have died from COVID-19; and more than 4.7...
