Tsz Fung Wong, You Shan Shen

Image Credit:https://www.claimsjournal.com/

Motivation

The COVID-19 pandemic has caused a devastating loss of life but it has also devastated the global economy. COVID-19 has a huge direct impact on labor supply shock to each sector arising from morbidity, mortality, and lockdown, as well as the indirect impact caused by the interdependencies between sectors in the US economy. Below are some resources that dive into these topics, from foundation and company:

• KFF published an article about how COVID-19 had set back economic progress worldwide by reporting GDP.

• Deloitte company release article focusing on different aspect of consumer spending during COVID-19.

The purpose of this project was to focus on US economy, use quantitative data to assess how COVID-19 changes the industry production structures and personal consumption expenditure patterns. Can we see how COVID-19 transform the economic structure, and how is the changes compared to the past 10 years?

Data

We used data publicly available from the Bureau of Economic Analysis. More detailed information on the datasets used can be found in the Data tab.

Research Questions

Comsumption Pattern

• How do personal consumption expenditures change during COVID-19 compared in each state? Which state changes the most?

• What is the highest consumption amount during the pandemic?

• Do the top3 sectors in personal consumption expenditures comparing After-/Pre-COVID-19 in each state showing a huge change?

• What are the top3 industries percentages for each one in each state?

Industry Production

• Can any trend in GDP be observed from 2010 to 2021 in different industries?

• Difference in yearly percentage change in GDP in different industries?

• What are the top3 industry GDP contributor states in each industry yearly?