The Coronavirus pandemic has impacted the economy and employment dramatically. Some states have more stringent social distancing orders than others. However, whether your state has strong rules or not, there is less commerce being conducted, especially for businesses classified as non-essential.
It is impossible to shut down restaurants, movie theatres, and sporting events without feeling a ripple effect to other parts of the economy.
When first learning of Coronavirus, no one expected the impact we are currently experiencing. On March 11, the Cognovi Panic Index around employment measured at 24.
On March 12, the day after the WHO declared Coronavirus a pandemic and the United States restricted travel from Europe, the Cognovi Consumer Panic Index almosttripled to 62.
For the week ending March 14, the US Labor Department reported a 2.5 year high for jobless claims. In fact, the White House asked the US Labor Department to delay providing updated numbers. As of March 23, the Labor Department has not reported updated jobless claims.
The dominant topics measured on the Consumer Panic Index include income, work, jobs, bills and family. We are worried about supporting our livelihood.
We as a nation have not seen the peak or worst of this virus. Future income for those whose incomes are lost are dependent on how long it takes to control the spread of the Coronavirus. If you want to help those whose incomes are at stake, listen to the scientists, health professionals and government officials: Stay home.
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