COVID-19, US GDP and productivity loss: What we know

Oct 23, 2021

workplaces like this warehouse need personal interaction in order to operate, which was limited during COVID-19

"Contact-intensive industries, to varying degrees, rely on physical proximity and personal interaction to operate." Image: UNSPLASH/Adrian Sulyok Avatar

Pablo D. Azar

Economist, Federal Reserve Bank of New York's Research and Statistics Group

Kyra Frye

senior research analys, The Federal Reserve Bank of New York's Research and Statistics Group.

Victoria E. Agwam

Summer Analyst, Federal Reserve Bank of New York’s Research and Statistics Group.

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a diagram showing the spillover effects of COVID-19 on the supply chain network

Spillover effects of COVID-19 on the supply chain network Image: Liberty Street Economics

a diagram showing that pandemic-related shocks to contact-intensive industries induced a marked decline in GDP

Pandemic-related shocks to contact-intensive industries induced a marked decline in GDP. Image: SafeGraph; U.S. Bureau of Economic Anaysis; authors’ calculations.

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