From the Document: "To slow the spread of the novel coronavirus, states issued shelter-in-place orders beginning in mid-March that brought a large share of economic activity to a sudden halt. These orders, combined with the concern many Americans have about becoming infected by engaging in normal economic activity, have devastated the economy. The pandemic has brought the longest economic expansion since World War II to a conclusion and caused an acute deterioration in the labor market. Consumer spending, which accounts for about two-thirds of gross domestic product (GDP), fell in March as a result of reduced demand for goods and services and businesses limiting their operations in the second half of that month. The Bureau of Economic Analysis estimates that pandemic lockdowns have reduced consumer spending by 27.8 percent, with restaurant sales dropping by 70 percent and accommodations sales dropping by 80 percent. My calculations suggest that GDP as a whole has been reduced by roughly $80 billion per week because of the pandemic. The ultimate effects of the pandemic on these measures are still very uncertain, as data on spending and incomes for this spring are still incomplete."
American Enterprise Institute for Public Policy Research. Posted here with permission. Documents are for personal use only and not for commercial profit.
American Enterprise Institute: https://www.aei.org/