Noah Williams
Executive Summary:
This brief summarizes data on the Wisconsin economy since the onset of the COVID-19 pandemic. In particular, I analyze economic activity using foot traffic at commercial locations around the state.
UPDATE [10/23/20]
This brief summarizes data on the Wisconsin economy since the onset of the COVID-19 pandemic. In particular, I analyze economic activity using foot traffic at commercial locations around the state.
Since the last update on October 2 (reflecting data through September 30), Wisconsin has experienced a slight rebound in economic activity. While activity had slumped beginning in early September, a recovery began in late September and continued through mid-October. Nonetheless, the overall picture of the last several months has been one of relative stagnation, with overall foot traffic measures relatively unchanged between mid-July and late October.
Over the last three weeks, overall foot traffic from SafeGraph data has risen by about 6 percentage points, but this only returns the indicators to levels from July, and still down 28% year-over-year.
The Madison metro area continues to lag activity in the rest of the state and remains more 40% down from a year ago. The is a consequence of the continued relative closure of UW-Madison and absence of campus events, along with relatively tighter public health guidelines.
Data from the small business sector shows a more sustained downward trend, with employment down by about 10 percentage points since the end of August, and about 14 percentage points in the food and drink sector. Especially notable in the food and drink sector has been the gap that’s opened between open locations and employment. This reflects a substantial reduction in staffing at those establishments that have been able to remain open in this era of reduced capacity and social distancing.