The US economy has entered a recession, induced by the social distancing and quarantining measures introduced to tackle the pandemic crisis. To monitor how deep the recession will be, we use both traditional macroeconomic data (eg, weekly retail sales, jobless claims) and big data (e.g., dining out, travel and box office sales, travel numbers and google searches for ‘recession’ and unemployment statistics). Both sets of variables suggest an unprecedented collapse in domestic demand.
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