High-Frequency Metrics Give a Better Picture of This Recession

(Bloomberg Businessweek) -- Traditional indicators are no match for this fast-paced, virus-induced recession, which is why Eliza Winger and Tom Orlik of Bloomberg Economics have assembled an alternative set of high-frequency metrics.

High-Frequency Metrics Give a Better Picture of This Recession

Since mid-March, 22 million displaced workers have filed for unemployment benefits, at a pace averaging 5.5 million per week.

High-Frequency Metrics Give a Better Picture of This Recession

The more than 40 percentage-point drop in the Mortgage Bankers Association’s Purchase Applications index signals that housing won’t be spared in this recession.

High-Frequency Metrics Give a Better Picture of This Recession

Data from the Moovit Public Transit Index show ridership in the three largest U.S. cities down substantially from the level before the virus outbreak.

High-Frequency Metrics Give a Better Picture of This Recession

The lockdowns are having a devastating impact on the restaurant industry, as shown in data from the OpenTable restaurant booking app.

High-Frequency Metrics Give a Better Picture of This Recession

The index, which is based on Americans’ views on economic conditions, tumbled to 45 in the latest reading, indicating a sharp decline in sentiment.

High-Frequency Metrics Give a Better Picture of This Recession

The oil rig count has dropped more than 24% since the beginning of January as prices for crude cratered.

High-Frequency Metrics Give a Better Picture of This Recession

Output of raw steel has plunged 34% since the beginning of January, weighed down by idled plants and slumping demand.

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