The COVID-19 pandemic has leveled a significant toll on the health and welfare of communities across the globe. In the U.S., federal, state, and local governments have encouraged residents to engage in social distancing (i.e., avoiding close contact with others) and have ordered the closure of nonessential businesses (e.g., clothing stores, fitness centers) in order to slow transmission of the disease. While appropriate for arresting the spread of COVID-19, these practices have already produced dramatic short-term effects on economic activity.1 Weekly unemployment claims have skyrocketed,2 and the unemployment rate rose from 3.5 percent in February to 4.4 percent in March.3

While the eventual economic costs of battling this pandemic are impossible to predict, timely policy and programmatic decisions can and should be informed by reasonable short-term estimates. A number of attempts to estimate job loss and unemployment levels have been made, but the workers...

The Federal Reserve Bank of Philadelphia and our colleagues in Districts around the country continue to monitor the economy to better understand the scope of the economic damage this pandemic is causing. Given the speed with which the economy is changing, we are compiling weekly data for more timely, higher-frequency information for the regional and national economy. We believe this weekly information will be even more valuable for tracking the economy upward and restoring confidence — as businesses reopen and workers are called back.

We have launched a weekly survey of businesses in the Third District on COVID-19 impacts on aspects of firm demand, production, and employment. We are also compiling weekly labor market information for our three-state region and the nation. Results and charts can be found below.

The Federal Reserve Bank of Philadelphia hosted a chat with experts to discuss local, implementable approaches to addressing job equity, economic insecurity, and the risks workers face in the wake of COVID-19 and beyond.

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The Federal Reserve Bank of Philadelphia and our colleagues in Districts around the country continue to monitor the economy to better understand the scope of the economic damage this pandemic is causing. Given the speed with which the economy is changing, we are compiling weekly data for more timely, higher-frequency information for the regional and national economy. We believe this weekly information will be even more valuable for tracking the economy upward and restoring confidence — as businesses reopen and workers are called back.

We have launched a weekly survey of businesses in the Third District on COVID-19 impacts on aspects of firm demand, production, and employment. We are also compiling weekly labor market information for our three-state region and the nation. Results and charts can be found below.

You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

The Federal Reserve Bank of Philadelphia and our colleagues in Districts around the country continue to monitor the economy to better understand the scope of the economic damage this pandemic is causing. Given the speed with which the economy is changing, we are compiling weekly data for more timely, higher-frequency information for the regional and national economy. We believe this weekly information will be even more valuable for tracking the economy upward and restoring confidence — as businesses reopen and workers are called back.

We have launched a weekly survey of businesses in the Third District on COVID-19 impacts on aspects of firm demand, production, and employment. We are also compiling weekly labor market information for our three-state region and the nation. Results and charts can be found below.