Optimism in the Time of COVID; Businesses Seem Much Better Adapted to Remaining Open

Federal Reserve: Optimism in the Time of COVID; Businesses Seem Much Better Adapted to Remaining Open

1. Mobility indexes, which measure how much people move around outside their homes using cellphone geolocation data, tend to vary with economic activity. Return to text

2. See the "Business Formation Statistics" page on the Census Bureau's website at https://www.census.gov/econ/bfs/index.html. Return to text

3. The advance release of table 1 of the Summary of Economic Projections, which will be issue with the minutes of the September 2020 FOMC meeting, is available on the Board's website at https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20200916.htm. Return to text

4. See Goldman Sachs (2020), " Survey: Disappointed and Frustrated, Small Business Owners Feel Left Behind by Congress" (New York: Goldman Sachs, September 8). Return to text

5. Accounting for employees who still were being paid but not working during April, the Bureau of Labor Statistics believes that the peak unemployment rate may have been about 5 percentage points higher than 14.7 percent. However, this measurement issue has decreased significantly to less than 1 percent in the most recent month. Return to text

6. See Census Bureau (2020), "Monthly New Residential Sales, July 2020 (PDF)," Release CB20-123, August 25. Return to text

7. See U.S. Small Business Administration (2020), Paycheck Protection Program (PPP) Report (PDF) (Washington: SBA, August). Return to text

8. Specifically, the following facilities were created: the PPP Liquidity Facility, as well as the Commercial Paper Funding Facility, the Primary Market Corporate Credit Facility, the Secondary Market Corporate Credit Facility, and the Main Street Lending Program. See Board of Governors of the Federal Reserve System (2020), Report on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act (PDF) (Washington: Board of Governors, July 31), p. 3. Return to text

9. See Board of Governors of the Federal Reserve System (2020), "Agencies Provide Additional Information to Encourage Financial Institutions to Work with Borrowers Affected by COVID-19," press release, March 22. Return to text

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Federal Reserve: Optimism in the Time of COVID; Businesses Seem Much Better Adapted to Remaining Open

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