新冠疫情与美国经济.docx

COVID-19 and the . Economy
Contents
Introduction 1
Economic Indicators 2
Employment and Unemployment 2
Gross Domestic Product and Its Components 4
Saving 7
Productivity 8
Inflation 10
Policy Impact on the Economy 12
Enacted Policy 12
Fiscal Policy Impact 12
Monetary Policy Impact 15
Debates About Stimulus 15
Future Economic Outlook 17
Economic Uncertainty 17
Potential Lasting Impacts 17
Figures
Figure 1. The (Un)employment Situation 3
Figure 2. Duration of Unemployment 4
Figure 3. Real Gross Domestic Product (GDP) 5
Figure 4. Personal Consumption Expenditures 5
Figure 5. Gross Private Domestic Investment 6
Figure 6. Net Exports of Goods and Services 7
Figure 7. Government Consumption Expenditures and Gross Investment 7
Figure 8. Saving 8
Figure 9. Major Sector Labor Productivity 10
Figure 10. Consumer Price Index (CPI) Inflation 11
Figure 11. Price Changes of Selected Consumer Goods 12
Figure 12. Estimated Effects of Pandemic-Related Legislation on Gross Domestic Product 13
Figure 13. Effects of Selected Policies on Personal Income 15
Contacts
Author Information 19
Congressional Research Service
Introduction
On March 13, 2020, President Trump declared the Coronavirus Disease 2019 (COVID-19) pandemic to be a national As COVID-19 spread across the country, businesses closed, state lockdown orders were put in place, and social distancing measures were adopted in an attempt to slow the spread of the disease. Economic activity skidded to a halt, resulting in a rapid decrease in both employment and gross domestic product (GDP). On June 8, 2020, the National Bureau of Economic Research (NBER) declared that economic activity had peaked in February and a recession began in March
Most recessions are caused by either an aggregate demand shock (a sudden change in the amount of goods and services desired at a specific price point) or an aggre