Economic impact of the COVID-19 pandemic in the United States

The economic impact of the COVID-19 pandemic in the United States has been widely disruptive, adversely affecting travel, financial markets, employment, shipping, and other industries.

Congress passed several pieces of legislation, such as the American Rescue Plan Act of 2021 to provide stimulus to mitigate the effect of workplace closures and income losses.

[6][7] The United States Census Bureau's Household Pulse Survey published weekly statistics of the effects of the pandemic on Americans' lives.

[22][23][24][25] In a paper published in early May 2020, the Urban Institute estimated that about 25 million people would lose their employer-provided health insurance if the unemployment rate were to rise to 20%.

For example, a study found that transportation workers were 20.6% more likely to be unemployed compared to those in other sectors, with specific sub-sectors like taxi drivers facing particularly severe job losses.

[43] The United States Census Bureau uses their Household Pulse Survey[44] to gather data on both monthly rent and mortgage payments during the pandemic.

[65] By March 18, investors were shunning even assets considered safe havens during economic crises, such as government bonds and gold, moving into cash positions.

[68] In February 2020, the American companies Apple Inc. and Microsoft began lowering expectations for revenue because of supply chain disruptions in China caused by the virus.

[71] In response to the economic damage caused by the pandemic, some economists have advocated for financial support from the government for individual Americans and for banks and businesses.

[72][73] Financial analyst Karen Petrou objected to government intervention on the grounds that it would alter the role of the Federal Reserve and enshrine moral hazard as a defining market principle.

Senate Intelligence Committee chairman Richard Burr sold up to $1.7 million of stocks while making public statements of reassurances of the government's level of COVID-19 preparedness.

[80][81] However, as the economy recovered from COVID-19, some such as J.P. Morgan Chase strategist Marko Kolanovic expected the U.S. stock market surge that happened since the trough to continue into 2021.

[107] As the fastest-growing mass-market meat animal in the United States, chickens were the most vulnerable to farms running out of capacity to hold an excess population.

At least two million chickens were euthanized on farms in Delaware and Maryland rather than slaughtered for meat, due to lack of capacity to process them for human consumption.

[118][115] On March 19 the New York group called for state governments to issue orders for rent abatements, suspension of sales and payroll taxes, and a full shutdown so business interruption insurance coverage would be triggered.

[115] Several restaurant chains altered their operating procedures to prevent the spread of the virus, including removing seating, restricting the use of condiments, and switching to mobile payment systems.

[125][126] Some grocery store chains, including Meijer,[127] Stop & Shop and Dollar General, devoted a portion of their operating hours to serve only senior citizens.

[128][129] Many grocery stores and pharmacies began installing plexiglass sneeze guards at register areas to protect cashiers and pharmacists, and adding markers six feet apart at checkout lines to encourage customers to maintain physical distance.

[130] To prevent hoarding, many supermarkets and retailers placed limits on certain products such as toilet paper, hand sanitizer, over-the-counter medication, and cleaning supplies.

[131] Major retail chains started hiring tens of thousands of employees to keep up with demand, including Walmart (150,000), CVS Pharmacy (50,000), Dollar General (50,000), and 7-Eleven (20,000).

[133] A daily senior shopping hour, checkout line distancing markers, hand washing and sanitizer for employees, disinfecting wipes for customers to use on carts, and a ban on reusable bags became mandatory in Massachusetts on March 25.

[144] President Trump also issued an executive order proposing U.S. farm-raised fish and shellfish as the new suitable form of seafood consumption in the United States.

[146] The pandemic impacted seafood supply chains on every level, from fisherfolk and coastal communities to large scale processors, distributors, foodservice buyers, and consumers.

[151] With consumers increasingly relying on online retailers, Amazon planned to hire another 100,000 warehouse and delivery workers and raise wages $2 per hour through April 2020.

[156] The Chicago Tribune reported in March 2020 that employees at UPS, FedEx, and XPO, Inc. were often pressured not to take time off, even with symptoms such as fever and cough consistent with COVID-19.

Public health authorities stated the risk was relatively low to customers receiving packages, in part because COVID-19 does not live for very long on cardboard, but infection most certainly was a danger for employees working beside crowded conveyor belts.

[159] A large amount of mail was held due to sustained business shutdowns, with the USPS extending the time period before returning to sender.

[164] In response to the workplace hazards associated with handling and delivering returned packages, some companies instituted policies meant to minimize risk to both workers and customers.

"[175] By the following week, New York's subways, usually the nation's busiest, were running mostly empty, which had the Metropolitan Transportation Authority using $1 billion from its line of credit to stay afloat.

[183] Due to the COVID-19 pandemic, Congress and President Trump enacted the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) on March 18, 2020.

Scientifically accurate atomic model of the external structure of SARS-CoV-2. Each "ball" is an atom.
Scientifically accurate atomic model of the external structure of SARS-CoV-2. Each "ball" is an atom.
US non-farm payrolls, 2005 – January 2022
March 3: Federal Reserve chairman Jerome Powell announces a 50 basis point (0.5% percentage point) interest rate cut in light of "evolving risks to economic activity."
May 8, 2020: Distribution of frozen chicken to those in need in Baltimore , Maryland
May 11, 2020: sign for curbside restaurant service only in Brunswick, Georgia
March 18: Best Buy lets only a limited number of people into their Union Square store in New York City.
Many in line airplanes with the Delta Air Lines logo on the tail, parked on pavement behind a fence.
Delta Air Lines planes parked on a taxiway at Kansas City International Airport . The planes are parked due to the sharp decrease in demand for air travel.
March 4: President Trump and Airline CEOs discuss COVID-19's impact on the travel industry .
Demand for motor gasoline fell sharply.