Tracking Economic Impacts of the COVID-19 Outbreak
The Federal Reserve Bank of Philadelphia and our colleagues in Districts around the country continue to monitor the economy to better understand the scope of the economic damage this pandemic is causing. Given the severity of the economic shock and the speed with which the economy has changed, we are compiling relevant data for the regional and national economy with an emphasis on more timely, higher-frequency information. This includes weekly labor market information for our three-state region and the nation.
In the latter half of March, we launched a weekly survey of businesses in the Third District on COVID-19 impacts on aspects of firm demand, production, and employment. This weekly information was most valuable for tracking the economy upward and restoring confidence — as businesses began to reopen and workers were called back. After collecting 16 weeks of survey data, the weekly survey ended in early July, but a special monthly survey will continue to track many of the same questions. Results and charts can be found below.