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Macro-economic consequences of Covid-19 Outline
Introduction
1) Thesis statement
Current and past data
Statistical summary
Macro-economic consequences of the COVID-19 pandemic in U.S markets
1) Impacts on individuals
2) Eviction and closure
3) Selling of homes
4) Economic sector impact
5) Federal budget debt and deficit
6) Bankruptcy of corporates
7) Downfall of the seafood industry
Conclusion
References
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Macro-economic consequences of Covid-19
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Introduction
The coronavirus disease has in a great way upended the global and majorly the United
States economies. The pandemic has exacted a great human toll, shutting down major economic
sectors. The economic growth prospects in the United States is uncertain, though the impact is
perceived to be very severe. The economic expansion there was shut in 2020, due to forecasts of
deep recession. It is due to the pandemic that the United States Federal Reserve reduced interest
rates to zero, while better still deploying new and old policy tools aimed at keeping financial
market functions at bay. In addition, new legislation was put in action in April and June to
enhance the effectiveness of the programs included in the past three fiscal packages. The current
and past data provided will enable research on the macroeconomic consequences of COVID 19.
Current and past data
Corona virus, has widely brought about macroeconomic consequences in the United
States. Macroeconomic factors is the influential natural, and fiscal event that broadly affect a
region or the economy of the nation. Some of the examples included in macroeconomic factors is
unemployment rates, economic outputs and inflation. The past and current data is mostly
dependent on monthly COVID -19 case rates by states. Starting from the month of October, the
United States recorded 1.86 million new cases, which was slightly below the month of July. In
July, the cases were on the rise mostly in places with higher population densities. Some of the
dense states continued to have a surge in the number of cases. Some of the states in which the
rate went up by more than double was South Dakota and North Dakota. The monthly data
however, showed that only four states reported decreased new cases in October than in
September. Some of the lucky countries were Georgia, South Carolina and Louisiana. In October
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alone, there were 23090 coronavirus related deaths. The data showed a rise in cases as compared
to September, which reflected 23,031 death cases.
The macroeconomic data of hospitalization increased in October after a drastic drop in
September. The pandemic hospitalization rates hit a pandemic low of 3.9 per 100000 Americans,
during the 19th September week. In October however, hospitalization rates spiked up in the week
of October 17 bringing to a total of 38% hospitalizations per 100000 people. The 65 percent
population had a spike of 48.5% in hospitalization rate during the October period. This means
that it went up from 10.1 hospitalizations per 100,000 to 15. In the month of July, 9.9 percent of
all hospital beds were filled with COVID-19 patients. From that time, the number dropped to
4.6% in the month of October, and then later went up to 7.4% in the month of November
(Ludvigson, 2020).
Some more data showed that 17 jobs were lost, for every ten COVID-19 cases. The
current state level data from the Bureau of labor statistics depicted that 12.3 million less people
acquired employment in September than i...