COVID-19 Business Outlook Survey

The Federal Reserve Bank of Philadelphia and our colleagues in Districts around the country continue to monitor the economy to better understand the scope of the economic damage this pandemic is causing. Given the severity of the economic shock and the speed with which the economy has changed, we are compiling relevant data for the regional and national economy with an emphasis on more timely, higher-frequency information. This includes the Weekly Labor Market Information reports for our three-state region and the nation.

In the latter half of March 2020, we launched a weekly survey of businesses in the Third District on COVID-19 impacts on aspects of firm demand, production, and employment. This weekly information was most valuable for tracking the economy upward and restoring confidence — as businesses began to reopen and workers were called back. After collecting 16 weeks of survey data, the weekly survey ended in early July and was replaced with a special monthly survey, which continued to track many of the same questions, through early October. From October to December, the core impacts question was a recurring special question in the monthly Manufacturing Business Outlook Survey and Nonmanufacturing Business Outlook Survey, and the combined results were presented as a continuation of the COVID-19 Business Outlook Survey. As of January 2021, the special question was discontinued.

The results and charts for the COVID-19 Business Outlook Survey from March through December 2020 can be found below.