Across the complete pattern, forty three% of businesses had temporarily closed, and practically all of those closures have been because of COVID-19. Respondents that had quickly closed largely pointed to reductions in demand and employee well being considerations as the explanations for closure, with disruptions in the supply chain being much less of an element. On average, the businesses reported having reduced their active employment by 39% since January. The decline was significantly sharp in the Mid-Atlantic region (which incorporates New York City), the place 54% of corporations had been closed and employment was down by 47%.
Table three also allows a comparability of how our outcomes would possibly change if we reweight to the region and firm measurement cells within the Census information after which cut by trade (a dimension that is not focused in the reweighting). The outcomes change little throughout industries within the reweighted knowledge compared to the uncooked knowledge. To get a sense of the match, we compared our estimated month-to-month payroll bills in our sample … Read More