WASHINGTON – America’s Recovery Fund Coalition (ARFC) today released a new data snapshot that provides a clearer picture into the state of the American economy. The report estimates that job losses between February and April 2020 directly led to a decline in GDP of almost $1.9 trillion
“No industry has been spared from the economic effects of the ongoing pandemic, but this latest analysis paints the reality very clearly: American enterprise is hurting and will be hurting for a very long time,” said Trevor Hanger, research director for ARFC. “Such an unexpected and dramatic shift will take years to recover from unless Congress takes equally meaningful action to maintain a healthy economic environment for businesses to operate within.”
This analysis comes off the heels of a new Congressional Budget Office report, which predicts that cumulative nominal output would be $15.7 trillion less from 2020-2030 than what the agency projected in January.
America’s Recovery Fund would give businesses certainty, providing grants to fill the gaps between expenses and revenue, using a simple, easy to use application. It would be available across many industries, creating a fund that helps restaurants, retail, gyms, salons, and many others, immediately. The analysis examines nonfarm employment across dozens of goods-producing and service-providing industrial sectors and utilizes data from the U.S. Bureau of Economic Analysis on value-added GDP by industry. View the complete analysis here.
About America’s Recovery Fund Coalition
America’s Recovery Fund Coalition represents 45% of the United States workforce. With more than 100 members across retail, restaurants, theaters, gyms, salons, real estate, the travel industry, financial services, construction and equipment suppliers, we represent a combined 58 million American workers. We are asking Congress for support to help our businesses, workers, and communities recover. Learn more at www.AmericasRecoveryFund.org.