Stores remain closed at Fulton Mall, due to the outbreak of the coronavirus disease in the Brooklyn borough of New York City, the US. Picture: REUTERS/STEPHEN YANGThe economic crisis spawned by the coronavirus pandemic has produced a wave of grim US data, with likely more to come as millions lose jobs, businesses shutter and spending stops.
In an effort to gauge what is happening using more frequently available information, economists are innovating. “Jobless claims will be the timeliest, hard data point for assessing the depth of the recession and catching the start of the recovery,” Mericle wrote, noting that when initial claims start to fall, GDP will likely have stopped shrinking. When ongoing claims, by contrast, have fallen by perhaps a third, it will be evidence the economy is growing again.
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