Measuring the Decline in Economic Activity During the Covid-19 Pandemic

Abstract: On June 8, 2020, the National Bureau of Economic Research (NBER) issued a statement announcing that its Business Cycle Dating Committee determined U.S. economic activity had reached a cyclical peak in February 2020. Beginning in March 2020, a multitude of economic indicators declined sharply as public health orders that required nonessential businesses to close were implemented during the early stages of the Covid-19 pandemic here in the U.S. The declines then accelerated in April as these orders were expanded to cover nearly the entire country. However, the data for May released so far seem to indicate that once the orders were eased or lifted, the rates of decline slowed. Here, we take a closer look at these changes using several summary indexes of economic activity.

Keywords: Covid-19; economic activity;

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Bibliographic Information

Provider: Federal Reserve Bank of Chicago

Source: Federal Reserve Bank of Chicago

Publication Date: 2020-06-15