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1 1 (May 13, 2020)

handle is hein.crs/govdana0001 and id is 1 raw text is: Re earh Sevice COVID-19: U.S. Economic Effects May 13, 2020 This Insight discusses the current and projected effects of the Coronavirus Disease 2019 (COVID-19) pandemic on the U.S. economy. For effects on the world economy, see CRS Report R46270, Global Economic Effects of COVID-19, coordinated by James K. Jackson. The economic impacts of COVID-19 since March 2020 have been large and dramatic, with impact disparities between various sectors and regions. In the United States, fear of infection, social distancing, and various states' stay-at-home orders prompted business closures and severe declines in U.S. demand for travel, accommodations, restaurants, and entertainment, among other industries. This has led to massive layoffs, furloughs, and surges in unemployment claims, with predictions for further declines in U.S. gross domestic product (GDP). Economic Effects of COVID-19: Currently Available Data GDP measures the goods and services produced in the United States. As shown in Figure 1, real GDP fell at an annualized rate of 4.8% in the first quarter of 2020 (compared with a 2.1 % growth rate in the fourth quarter of 2019). The drop was concentrated in personal consumption of durable goods and services, exports (led by a drop in services such as travel), and business investment. However, these data cover three months, only one of which was significantly affected by COVID-19. Inflation-adjusted personal consumption spending in March fell by an annualized rate of 7.3%, with declines exceeding 20% for motor vehicles, clothing, recreation services, transportation services, and food services. Congressional Research Service https://crsreports.congress.gov IN11388 CRS NS GHT Prepaimed for Mernbeis and Committees of Congress .....

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