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Although economic activities returned to normal in these 39 prefectures, their production did not recover monotonically but rather declined again because the major industrial clusters linked with them were still locked down. This finding points to the interactions of the economic effect of lockdown between regions through firm-level supply chains.

The lockdown policy and stay-at-home orders have certainly forced many people to spend much more time at home than in the office. All these have necessarily affected specific manufacturing sectors, such as alcohol, sports equipment, and clothing production.

Privacy & Cookies Notice Accept Cookies Manage My Cookies Manage Cookie Preferences Confirm My Selections Monetary Policy Inequality Health Care Climate Change Artificial Intelligence Motivation Jobs +All CBR Topics How Much Exactly Have COVID-19 Lockdowns Affected the Economy? More generally, the responses suggest a slow and difficult recovery—far from the V-shaped upswing the US experienced in the early ’90s following the 1990 oil price shock, or the roughly U-shaped curve after the Great Recession, the researchers find. As for policy responses, the researchers argue that Americans’ negative expectations suggest one-off tax breaks or cash-relief payments such as the $1,200 checks issued by the federal government in April are unlikely to bolster the economy in the way that unemployment benefits do. The average household income was $68,000, or a little higher than the US median, and the average household size was 2.6, or about the same as the national figure. The findings help explain growing impatience among policy makers and the general population in the face of the starkest trade-off most people will ever face, between their lives and their livelihoods.