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New York Fed Surveys: Business Activity in the Region Sees Historic Plunge in April

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Abstract

Indicators of regional business activity plunged to historic lows in early April, as efforts to slow the spread of the coronavirus kept many people at home and shut down large parts of the regional economy, according to the Federal Reserve Bank of New York’s two business surveys. The headline index for both surveys plummeted to nearly -80, well below any historical precedent including the depths of the Great Recession. About 60 percent of service firms and more than half of manufacturers reported at least a partial shutdown of their operations thus far. Layoffs were widespread, with half of all businesses surveyed reporting lower employment levels in early April.

Suggested Citation

  • Jaison R. Abel & Jason Bram & Richard Deitz, 2020. "New York Fed Surveys: Business Activity in the Region Sees Historic Plunge in April," Liberty Street Economics 20200416a, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:87810
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    More about this item

    Keywords

    Business surveys; coronavirus; regional; COVID-19;
    All these keywords.

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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