Economic Impacts of Coronavirus (COVID-19)

The economic impact of coronavirus and the subsequent quarantine and shut-downs is still widely debated. As data is being made available from various resources, we can start to see trends and evidence of widespread and varied impacts.

Our research team continues to update this page as government data becomes available for various key economic performance indicators. We will continue to replace dated data with newly available updates in real time.

How The Economy Is Affected

Building permits for privately-owned housing units were at a seasonally adjusted annual rate of 1,470,000 in August, a 0.9% decrease from the revised rate for the previous month, and 0.1% below July 2019. Housing starts fell 5.1% from July, but were up 2.8% from August 2019. Housing completions fell 7.5% in August from the revised July estimate and were 2.4% below August 2019.

Seasonally adjusted initial unemployment claims were 860,000 for the week ending September 12, a decrease of 33,000 from the previous week’s revised rate. The insured unemployment rate was 8.6% for the week ending September 5, a decrease of 0.7% from the previous week’s revised rate.

Read More: https://www.dol.gov/ui/data.pdf

Seasonal advanced estimates of retail and food service sales for August were $537.5 billion, an increase of 0.6% from July and up 2.6% from August 2019. Retail sales were up 0.1% from July and 5.1% from August 2019, led by non-store retailer sales, which rose 22.4% from August 2019. Food services and drinking places sales were up 4.7% from July, but down 15.4% from August 2019.

Seasonally adjusted initial unemployment claims were 884,000 for the week ending September 5, unchanged from the previous week’s revised rate. The insured unemployment rate was 9.2% for the week ending August 29, an increase of 0.1% from the previous week’s unrevised rate.

Read More: https://www.dol.gov/ui/data.pdf

Seasonally adjusted sales for merchant wholesalers were $479.2 billion in July,a 4.6% increase from the revised level for June, but a 4.0% decrease from July 2019. Wholesale sales of durable goods rose 4.2% in July compared to June, while sales of nondurable goods rose 5.0%.