The U.S. Economy – what caught my eye this week: GDP by industry, GDP by state and an interesting real-time estimate of consumer spending

The Bureau of Economic Analysis (BEA) published data for gross domestic product by industry in the first quarter of 2020. Many interesting details. There seems to be no big surprise in these data. The contraction was particularly deep in “Arts, Entertainment, and Recreation” and “Accomodation and Food Services”:

https://www.bea.gov/news/2020/gross-domestic-product-industry-1st-quarter-2020

In addition, according to statistics also released by the BEA, GDP decreases in all U.S. states in the first quarter. Not surprisingly, the decrease was particularly strong in the state of New York that was hard hit by Covid-19:

https://www.bea.gov/news/2020/gross-domestic-product-state-1st-quarter-2020

An interesting initiative led by leading researchers called the “Economic Tracker” – an attempt to track the U.S. economy in real-time:

https://tracktherecovery.org/

The bad news is that the number of Covid-19 cases is still high or rising in some states (in particular, Texas, Florida, and California). The Coronavirus Resource Center at the John Hopkins University provides useful data and maps:

https://coronavirus.jhu.edu/us-map

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