essay

Impact of COVID-19 on the U.S. Economy

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• The US is a developed economy with about 24% of global GDP in 2018.

• The USA is one of the major markets and manufacturers of pharmaceutical, automobile,

aviation, consumer electronics, tourism.

• The manufacturing sector is the major contributor to growth of US economy.

• The manufacturing sector accounted for 11.3% of real GDP in 2019 first quarter.

• The manufacturing produced nearly $2.4 trillion worth of goods for economy in 2019.

• Real GDP increased at an annual rate of 2.1% in the fourth quarter of 2019.

• The USA has a major role in global trade activities.

• The US economy is facing concerns regarding industrial production due to COVID-19.

• By UNCTAD on 4 March 2020, COVID-19 could lead to decrease of $50 billion in

exports across the global value chains.

• In February 2020, PMI decreased nearly 22 points to 37.5, which is the lowest since

2004.

• COVID-19 has been financially impacting the manufacturers of US.

• By NAM survey from February 28 to March 9, 2020, around 80% of respondents accept

that COVID-19 create negative financial impact on their business and around 35% are

already facing distribution in supply chain process.

• The automobile industry is being significantly affected by COVID-19.

• Major automobile companies shut down their manufacturing operations.

• For instance, General Motors, Ford and Fiat Chrysler have declared to shut down their

plants in North America.

• Companies whose business operations are significantly effective due COVID-19

including Amazon.Com Ins, Ford Moto co, Hyatt Hotels Corp and the Boeing Co.

• The US retailers have shut down their stores to protect stuff and customers from COVID-

19.

• For instance, Nike and Under Armour.

Healthline Launches Mental Health Index to Address Emotional Issues Related to COVID19

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• Three out of five Americans remain afraid of contracting the virus.

• Past month Fear and anxiety among men is on the rise from survey wave ending April 20

• 55% of men reported fear of contracting the virus compared with 50% two weeks earlier.

• Anxiety among men rose from 15% to 22% in the same time period as measured by the

PHQ-4 scale.

• In comparison, 64% of women reported fear of contracting the virus, down from 70%

two weeks ago.

• Anxiety among women also declined from 34% to 27% in the same time period.

• 25% of Americans are looking for information about how to deal with anxiety and stress

and 21% want help for coping with isolation.

• Close to two out of five Healthline readers may be experiencing moderate to severe

depression.

• 22% of Healthline readers are concerned they have COVID-19 symptoms, vs. 4% of the

general population.

• The percentage who are fearful of contracting the virus has risen from 57% two weeks

ago to 64%.

• 38% of Americans who say they want to understand how seriously they could get sick if

they contracted the virus.

• 60% find this information difficult to find of the 19% who report looking for information

on how to care for aging parents or childre.

• 59% find this information difficult to find of the 14% who say they don’t know who to

trust for their health questions currently, 58% find it a challenge.