The COVID-19 pandemic is inflicting enormous human and economic costs on the Ninth District, nation, and world. The Federal Reserve Bank of Minneapolis is charged with closely monitoring economic conditions in our region so that local and national policymakers can make informed policy choices.
Given rapidly changing conditions, the Federal Reserve Bank of Minneapolis is monitoring a variety of daily and weekly data sources to more accurately assess economic developments in real time, some of which are displayed below. Please check back for frequent updates and new indicators.
Selected real-time economic indicators: Inequality
The pandemic is hitting low-income and minority populations especially hard. These measures document key economic disparities across geographies and demographic groups.
Census Household Pulse Survey
“Hispanic” is defined as Hispanic, Latino, or Spanish origin of any race. “White,” “Black,” and “Asian” are defined as each race alone and not of Hispanic, Latino, or Spanish origin. “Other” is defined as any other race alone (including Native American) or a combination of two or more races, and not of Hispanic, Latino, or Spanish origin. “Ninth District” is defined as Minnesota, Montana, North Dakota, South Dakota, and Wisconsin.
Change in consumer spending by income
Selected real-time economic indicators: Mobility and transportation
Location data from cell phones provide insight into how people are physically engaging with different sectors of the economy. The large declines in March reflect people staying at home, while the upward trends since reflect some increased mobility. Keep in mind that location is not spending; getting out more doesn’t always imply spending more.
SafeGraph foot traffic mobility
Google Mobility Reports
Selected real-time economic indicators: Labor and Small business
Real-time insights into the devastating impact of the crisis on labor and small business conditions are essential for the Federal Reserve. Labor markets are recovering, but remain substantially depressed in many sectors throughout the Ninth District.
Ninth District COVID-19 statistics
Note: As of 6/5, tests are reported per test instead of per person to account for changes in testing capacity and for individuals who are tested more than once
Source: The COVID Tracking Project, MN Dept. of Health, MT Dept. of Health & Human Services, ND Dept. of Health, SD Department of Health, WI Dept. of Health Services