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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.
Oct 12, 2020 · The United States economy took a devastating hit as a result of the COVID-19 pandemic — unemployment rates rose and the GDP growth rate of the country slowed dramatically.
Sep 29, 2021 · Despite the headwinds created by the Delta COVID-19 variant, the economy is recovering. Economic growth during the pandemic has generally surpassed consensus expectations while...
