U.S. Regional Outlook. July 2020

Summary

The development of the COVID-19 remains the dominant factor for most regional economies. Many businesses, especially in the services sector, become insolvent due to the loss of income. Social distancing measures suppress people’s mobility.

Key points

• Key points:
• Individuals and businesses also voluntarily cut consumption and investment, to boost their rainy day savings
• States with higher cases of Covid-19 experience worse job losses
• According to the latest data, New York, California, New Jersey, Texas, and Florida have the most cases
• States with a larger hospitality sector (Nevada and Hawaii) and auto industry (Michigan) have been affected disproportionately

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