How bad has COVID-19 devastated the economy in the United States? Last week, the US Bureau of Economic Analysis announced the country's GDP plunged by a historic 32.9% and 51 million people have filed for unemployment benefits. But what are some other economic indicators that demonstrate the track of America's economic situation?
Visual Capitalist's Nick Routley scoured through data from the BEA, the St Louis FED, University of Michigan, and the US Department of the Treasury and put together a series of charts that illustrate the current trajectory of America's economy.
Some key takeaways from Routley's charts are that consumer spending in the US has sharply declined since April. The University of Michigan Consumer Sentiment Index, measuring consumer confidence in the economic situation, has declined again since bottoming out earlier in the year and inflation rates have cratered.
On the bright side, Routley has pointed out there are some areas in the economy that are showing signs of recovery, including the Purchasing Managers' Index, an index showing economic trends in the manufacturing and service sectors, and the stock market, which is "recording its best quarter in over two decades" due to optimism in the market because of federal stimulus packages.
[Read more at Visual Capitalist]