Covid Dashboard
US Economy
Updated Daily
Tracking the US Economy
With US airlines posting record Q1 2020 losses and restaurants, theatres, & local businesses shut for more than a month, things look grim for US's $20.5 trillion economy. The impact to some extent has already been recorded by the 4.8% contraction in Q1 2020 GDP. But, how will Q2 look like? Will unemployment increase? Are people even looking for jobs right now?
Though the number of unemployed people increased, traffic to job listing website - Indeed fell by 41% within 2 months of lockdown
Increase in Unemployment
Within a month of the lockdown, number of initial claims crossed 22M and number of continued claims jumped to ~18M, much more than it did during The Great Recession.
Continued Claims
Initial Claims
Website Traffic to Job boards
Despite such high unemployment, the traffic to job listing websites - Monster.com, Ziprecruiter, and USAjobs.gov declined by 20 to 40% within 2 months of lockdown. Indicating that people did not do much job-hunting during the lockdown.
Unemployment Rate
Daily Website Reach of Job Boards
Some companies are still hiring
A lot of companies are firing or furloughing their employees. But, there still are some companies that are thriving and have increased their headcount in March 2020.
rivian
1,598 employees
+10% MoM
Validity
501 employees
+9% MoM
The Economist
1,970 employees
+8% MoM
SimilarWeb
607 employees
+7% MoM
Wizeline
626 employees
+7% MoM
Outreach
626 employees
+7% MoM
Auto Sales
After two months of lockdown, the number of vehicles sold fell sharply to a 45 year low. Initially, the impact on car buying websites was comparitively less. But as the lockdown was extended through April, website traffic to auto listing portals decreased 20 to 35%
Auto Sales
Daily Website Reach of Auto Listing Platforms
Air Traffic
The number of passengers, according to the Transportation Security Administration (TSA), fell to a record low. In April 2020, on average, only 109K people traveled daily, compared to 2.3M during the same period last year, a drop of 95% YoY! And, within 2 months of lockdown, website traffic to major travel booking platforms - Booking.com, Airbnb, and Expedia fell by 69%, 74%, and 75% respectively.
Air Passengers
Daily Website Reach of Online Travel Platforms
Commercial and Industrial Loans
As businesses continue to struggle, they are turning to SMB lending platforms to get PPP loans to survive. The website traffic to online lending platforms such as Kabbage, Nav.com, Lendio, and OnDeck spiked during the lockdown.
Commercial Loans
Daily Website Reach of Commercial Lending Platforms
Interest is still there in Real Estate
Interestingly, the impact on Real estate buying platforms was low in March, but by the end of April, website traffic to Opendoor, Bankrate, and Offerpad fell further. On the other hand, traffic to mortgage lending platforms Better and Quickenloans increased by 42% and 27% respectively within 2 months of the lockdown.
Daily Website Reach of Property Listing Platforms
Daily Website Reach of Mortgage Lending Platforms
Offline Economy
Eventbrite, Fandango, Ticketmaster, Cinemark, and other websites that represent a good chunk of the offline entertainment world are experiencing a slowdown. In fact, within 2 months of the lockdown, Eventbrite's and Fandango's web traffic decreased by 57% and 59% respectively.
Daily Website Reach of Event Booking Platforms
Daily Website Reach of Movie Ticket Booking Platforms
Drop in Purchasing Manager's Index
Purchasing Manager's Index (PMI), one of the key indicators of the performance of the manufacturing industry also took a nosedive in April. PMI was down to 36.9, indicating a significant contraction in Manufacturing.
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