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Five Charts Highlight The U.S. Economy During The Pandemic

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EDITOR NOTE: CNBC has done a great job in regularly publishing these five charts that can help you keep track of the fundamentals driving the economy. Similar to the last reporting period, almost none of these factors have reclaimed their pre-pandemic levels, save for home mortgage loans applications. But even that too is beginning to wane as COVID-19 cases continue to surge, reopenings increasingly stall, and the risk of deeper unemployment and bankruptcies continue to rise.

The United States has reported record increases in coronavirus cases with spikes seen in states well underway in their reopening progress. The rising case numbers have caused states to alter their recovery plans, delay reopening measures and even re-institute restrictions on businesses. Data from key sectors could help illustrate the impact these changes have on the country’s economic progress. 

These five charts illustrate trends in various industries important to the U.S. economic recovery. 

Direction requests

Requests for transit directions on Apple Maps are still nowhere near pre-pandemic levels, according to data from the navigation app. However, driving and walking direction requests have surged from their low points during the early stages of the outbreak. Travelers may be more inclined to driving and walking rather than using public transportation as coronavirus cases continue to increase.

Restaurant bookings

Restaurant bookings appeared to be recovering since they fell to zero in late March and April, according to data from reservation service OpenTable. However, there have been recent declines in bookings that could be influenced by rising coronavirus cases. The increasing cases have even caused states to rethink reopening measures affecting businesses like restaurants and bars. Texas dropped restaurants’ dining capacity from 75% to 50%, while California ordered indoor businesses, including restaurants, to close in 19 counties. New Jersey and New York City have even delayed the resumption of indoor dining.

Hotel occupancy 

Ahead of the Fourth of July weekend, the U.S. hotel occupancy rate has continued to creep upward and is now at 46%, according to data from global hospitality research company STR. Norfolk/Virginia Beach, Va., was the only travel market to surpass a 60% occupancy level. Destinations like Boston, Orlando, Florida and Oahu Island, Hawaii, saw some of the lowest occupancy rates this week among STR’s top 25 travel markets.

Air travel 

The number of daily travelers passing through airport security checkpoints has continued to increase slightly, according to data from the Transportation Security Administration. However, Americans continue to face limitations on their flight options, with the European Union still denying entry to U.S. travelers. Flight operators like American Airlines are also planning to continue reduced schedules over the next few months. American told employees on Thursday that it is overstaffed by more than 20,000 employees for its lighter fall schedule

Home purchases 

Mortgage applications for buying a single-family home are 15% higher than the same week last year, according to data from the Mortgage Bankers Association. However, they did decline slightly from last week despite mortgage rates hitting a record low. “Investors are contemplating the risks of the recent resurgence of COVID-19 cases to the labor market and economy,′ said Joel Kan, MBA’s associative vice president of economic and industry forecasting, in a statement.

Originally posted on CNBC

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All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

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