COVID-19: Government Resources for Real-Time Economic Indicators

COVID-19: Government Resources for Real-Time Economic Indicators

INSIGHTi

COVID-19: Government Resources for Real-
Time Economic Indicators
Updated August 10, 2021
This CRS Insight presents select real-time economic indicators that attempt to measure the impact of the
Coronavirus Disease 2019 (COVID-19) pandemic on the U.S. economy. Created by select federal
government agencies, these new or unique indicators attempt to measure the demographic, social, and
economic impacts of COVID-19 in real-time, or on a weekly or monthly basis, rather than quarterly or
annually.
For more on traditional economic indicators, please see CRS Report R43295, Resources for Key
Economic Indicators.
United States Census Bureau
The U.S. Census Bureau developed multiple experimental data products that attempt to measure the
impact of COVID-19 on households and businesses in the United States. Two of those products are
described below.
Household Pulse Survey
The Census Bureau was authorized to collect data on a variety of social and economic factors affecting
households during the pandemic. Data collection began in April 2020, in phases, and the results are
published periodically.
The first phase measured education, employment, food availability, health, housing payments, and
stimulus payment use. The second phase was expanded to include questions about spending patterns and
transportation use. The third phase continues to collect the same data.
Data are available at the national and state levels, as well as for the largest metro areas in the country.
Interactive data are also available (best viewed with Mozilla Firefox or Google Chrome).
Small Business Pulse Survey
Census sent a 20-question survey to small business owners to capture any challenges COVID-19 made to
their business. It included questions about the effect of COVID-19 on the business, including receipts,
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employment change, hours worked, availability of telework for employees, closures, supplier or producer
delays, business capacity, loan payments, and federal financial assistance programs. Data collection began
in April 2020, in phases, and are published periodically.
Data are available by sector and state for the 50 most populous Metropolitan Statistical Areas. Interactive
data are also available (best viewed with Mozilla Firefox or Google Chrome).
For more on the Census response to COVID-19, and Small Business Assistance, see CRS In Focus
IF11594, New Census Bureau Products Track COVID-19’s Effects, and CRS Insight IN11301, Small
Businesses and COVID-19: Relief and Assistance Resources.
Federal Reserve System
Weekly Economic Index
Created by the Federal Reserve Bank of New York, the Weekly Economic Index (WEI) measures 10
indicators of real (inflation-adjusted) economic activity. In this way, the WEI covers consumer spending,
the labor market, and production. Calculations are based on both publicly and privately sourced databases
and surveys.
Consumers and COVID-19: A Real-Time Survey
Conducted by the Federal Reserve Bank of Cleveland, this five-question survey has been conducted daily
since March 10, 2020. Asked of a small, representative sample of the U.S. population each day, it
attempts to measure consumers’ beliefs and expectations of COVID-19’s economic impact, among other
things. The latest data are made available every Wednesday.
CFI COVID-19 Survey of Consumers
Conducted by the Consumer Finance Institute at the Federal Reserve Bank of Philadelphia, this is a series
of national surveys of consumers. Topics include household expectation on employment, income,
financial security, and awareness and use of CARES Act assistance programs, such as the Paycheck
Protection Program.
The data are available, as well as reports that contextualize the results. Each report describes one “wave”:
Wave 1 (April 3-10, 2020); Wave 2 (May 1-12, 2020); Wave 3 (June 5-16, 2020); Wave 4 (July 2-13,
2020); Wave 5 (September 1-17, 2020); Wave 6 (November 4-20, 2020); Wave 7 (January 4-15, 2021);
Wave 8 (April 5-23, 2021).
For more on these topics, see CRS In Focus IF10443, Introduction to U.S. Economy: Unemployment;
CRS In Focus IF10477, Introduction to U.S. Economy: Inflation; CRS Insight IN11324, CARES Act
Assistance for Employers and Employees—The Paycheck Protection Program, Employee Retention Tax
Credit, and Unemployment Insurance Benefits: Overview (Part 1); and CRS Insight IN11329, CARES Act
Assistance for Employers and Employees—The Paycheck Protection Program, Employee Retention Tax
Credit, and Unemployment Insurance Benefits: Assessment of Alternatives (Part 2).
Bureau of Economic Analysis
Effects of Selected Federal Pandemic Response Programs on Personal Income
The Bureau of Economic Analysis (BEA) publishes monthly data on personal income in the United
States. During the COVID-19 pandemic, BEA has added to this monthly report a supplement that

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measures the extent of the impact of federal stimulus programs on personal income. The programs BEA
accounts for in these calculations include the Coronavirus Food Assistance Program, the Paycheck
Protection Program, enhanced unemployment and Medicare benefits, and economic impact payments.
BEA mentioned COVID effects in its March 2020 personal income and spending press release, and has
provided updated data each month since then, often released the month after the referenced month. See
the monthly 2020 data (January-June 2020; July-December 2020) and the 2021 monthly data (January-
June 2021). Quarterly data for 2020 is also available.
For more on personal income, see CRS In Focus IF10501, Introduction to U.S. Economy: Personal
Income.
COVID-19 and Recovery: Estimates from Credit Card Transactions
In response to COVID-19, BEA created a report that uses daily payment credit card data to measure the
effects of the pandemic on consumer spending in key industries hard-hit by the virus. The report is
updated on a bi-weekly basis.
For more on consumer spending or financial relief resources, see CRS In Focus IF11657, Introduction to
U.S. Economy: Consumer Spending, and CRS Insight IN11359, COVID-19: Financial Relief and
Assistance Resources for Consumers.
Bureau of Labor Statistics
Supplemental Data Measuring the Effects of the Coronavirus (COVID-19) Pandemic on
the Labor Market
In response to COVID-19, the Bureau of Labor Statistics (BLS) added a series of supplemental questions
to the Current Population Survey (which measures employment, unemployment, and other related factors)
to capture the effects of the pandemic on the labor market. The questions relate to COVID’s impact on
telework, business closures, payroll, and job searching. Data tables based on responses have been
published on a monthly basis since May 2020.

Author Information

Julie Jennings
Lida R. Weinstock
Senior Research Librarian
Analyst in Macroeconomic Policy

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