U.S. Economic Activity During the Early Weeks of the SARS-Cov-2 Outbreak

16 Pages Posted: 29 Apr 2020

See all articles by Daniel J. Lewis

Daniel J. Lewis

Federal Reserve Banks - Federal Reserve Bank of New York

Karel Mertens

Federal Reserve Banks - Federal Reserve Bank of Dallas

James H. Stock

affiliation not provided to SSRN

Date Written: April, 2020

Abstract

This paper describes a weekly economic index (WEI) developed to track the rapid economic developments associated with the response to the novel Coronavirus in the United States. The WEI shows a strong and sudden decline in economic activity starting in the week ending March 21, 2020. In the most recent week ending April 4, the WEI indicates economic activity has fallen further to -8.89% scaled to 4-quarter growth in GDP.

Keywords: Weekly Economic Index, High Frequency, COVID-19, Measurement of Economic Activity

JEL Classification: E66, C51, E01

Suggested Citation

Lewis, Daniel J. and Mertens, Karel and Stock, James H., U.S. Economic Activity During the Early Weeks of the SARS-Cov-2 Outbreak (April, 2020). FRB of Dallas Working Paper No. 2011, Available at SSRN: https://ssrn.com/abstract=3587637 or http://dx.doi.org/10.24149/wp2011

Daniel J. Lewis (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

Karel Mertens

Federal Reserve Banks - Federal Reserve Bank of Dallas ( email )

2200 North Pearl Street
PO Box 655906
Dallas, TX 75265-5906
United States

James H. Stock

affiliation not provided to SSRN

No Address Available

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