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COVID Crisis: Snapshot of the World in a Pandemic - Coggle Diagram
COVID Crisis: Snapshot of the World in a Pandemic
Current economic
Stimulus payments
Minimum wage increase
Cost of living
Rent and property increasing in market value
Food costs rising
Shortage of transportation staff, food shortages are due to lack of labor disrupting the supply chain
How has the pandemic changed the economy?
Remote work
High demand for in person labor as shutdowns cooled off
Labor shortage
Unemployment benefits
Layoffs
Businesses closing
High demand for PPE and medical personel
Nurses and medical personnel shortages
January 2020 timeline of events to now
January 2020
A monthly social security payment was about $1,503
https://www.barrons.com/articles/social-securitys-2020-cost-of-living-bump-1-6-51570718063
February 2020
S&P 500 closes at record high of 3386.15 on Feb 19th, 2020, immediately declining sharply in a week. Largest single week decline since 2008 financial crisis. On Feb 28th, Chair Powell of the Federal Reserve Board of Governors issues a statement saying the Federal Reserve is monitoring economic activity and changes based on the coronavirus.
S&P 500 (or Standards & Poor's 500 Index) is a weighted index of the 500 largest publicly traded companies in the US.
https://www.investopedia.com/terms/s/sp500.asp
29th: Gov. Inslee of Washington declares a state of emergency and announces first US death from COVID
https://fraser.stlouisfed.org/timeline/covid-19-pandemic#13
March 2020
March 9th: Level 1 circuit breaker: S&P 500 drops 7% triggering a level 1 Market-Wide Circuit breaker
A Market-Wide Circuit Breaker is an economic tool used when the market is in a serious decline. The slow the impact of price movement by coordinated halts in trade. Level 1 means that the market has declined by 7%, and it means trade halts for 15 minutes.
March 11th: WHO declares COVID 19 to be a global pandemic
March 12th: Another Level 1 Market-Wide Circuit Breaker
March 13th: President Trump declares the Coronavirus outbreak a national emergency, barring entry of foreign nationals who had been in areas with high rates of COVID for any of the prior 14 days.
How did the Federal Reserve act to protect households during the 2020 pandemic?