5 Things the Data Says About COVID-19 and the Economy
How do you feel about the state of the economy amid the pandemic?
by Causes | 8.27.20
What’s the story?
- While there is partisan gridlock on Capitol Hill regarding additional coronavirus (COVID-19) relief, the pandemic continues to affect the health and economic well being of Americans. Here’s a look at some of the latest COVID-19 case and economic recovery data.
One in 172 Americans tested positive for COVID-19 in July as the pandemic’s U.S. epicenter shifted to the Sun Belt.
- The spread of coronavirus in new hotspots and increased testing resulted in the U.S. recording its highest monthly tally of COVID-19 cases with 1.9 million new cases in July, more than doubling the previous high of 877,000 in April. The number of cases per 100,000 increased to 579 per 100,000; which amounts to one in every 172 Americans.
- Florida, which had a positive case rate of 125 per 100,000 people in April (or one per 797 people), saw those figures increase to 1,480 per 100,000 people (or one per 68 people) in July. This USAFacts chart shows the number of COVID-19 cases per 100,000 residents in each state by month, and illustrates how the number of positive cases increased in the region stretching from Florida and the south Atlantic coast states through Louisiana and Texas over to Arizona and California:
Children make up less than 9% of all known COVID-19 cases.
- The Centers Disease for Control and Prevention (CDC) guidance for school reopenings includes data showing that children are less likely to contract the virus than adults, and notes that data on transmission among children is limited.
- A CDC database that includes demographic information on 2.6 million known coronavirus cases (about 58% of the 4.5 million cases recorded as of July 31st) shows that children younger than 10 made up 2.5% of all COVID-19 cases and those aged 10 to 19 made up 6.1% of all cases. Those groups together make up 25% of the U.S. population. This USAFacts chart compares age groups as a share of the U.S. population to compared to their share of COVID-19 cases:
The largest urban areas have disproportionately more cases and more job losses.
- As a group, the 20 largest metropolitan areas comprise 37.2% of the U.S. population and accounted for 46.7% of the known COVID-19 cases as of July 31st. Those same urban areas accounted for 46.3% of the 15 million jobs lost relative to June 2019.
- This USAFacts chart compares the 20 largest metro areas as a share of the U.S. population versus the share of COVID-19 cases and jobs lost:
Income has increased during the pandemic because of government transfers and relief payments.
- Bureau of Economic Advisers (BEA) data shows that in June, Americans made nearly 5% more than they did in January. The increase is due to income from government transfers, such as the federal government’s direct cash relief payments to many Americans and the enhanced $600 per week unemployment benefit that expired at the end of July.
- This USAFacts chart shows the percent changes in Americans’ personal income from January to June based on government transfers, employment income, investment income, and other income:
- Despite the increase in income, household spending was 8% lower in June than it was at the beginning of the year as Americans increased their savings. These USAFacts charts show changes in household spending & savings from January to June:
Unemployment claims are declining but roughly 11% of the workforce is receiving benefits.
- While there have been 20 consecutive weeks of more than 1 million new unemployment claims, the weekly number has declined from 6.9 million in the last week of March to just over 1 million in July.
- There were 17 million continuing unemployment insurance claims for the week of July 18th, a decrease of 31.7% from the 24.9 million continuing claims during the week of May 9th. During the week of May 9th, 17% of the 145.7 million eligible workers were receiving benefits, and that share fell to 11.6% during the week of July 18th with continuing claims dropping nearly everywhere in that period.
- This USAFacts chart shows the share of eligible workers receiving unemployment benefits in each state during the week of July 18th:
— Eric Revell
(Photo Credit: iStock.com / nikom1234)
McConnell: ‘President Trump’s Nominee Will Receive A Vote’ - What’s the Outlook for a Supreme Court Confirmation?What’s the story? The death of Justice Ruth Bader Ginsburg from pancreatic cancer on Friday created a vacancy on the Supreme
by Causes | 9.19.20
What is the "McConnell Rule" for Supreme Court Nominations?What’s the McConnell rule? The “McConnell rule” refers to the position taken by Senate Majority Leader Mitch McConnell (R-KY)
by Causes | 9.19.20
Justice Ruth Bader Ginsburg Dies at Age 87What’s the story? The Supreme Court announced in a statement on Friday that Justice Ruth Bader Ginsburg died at the age of 87 of
by Causes | 9.18.20