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: Ninth District COVID-19 statistics
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.
Change in consumer spending by income
Change in employment by wage
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.
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.
1 US is a summation of all 50 states, DC, territories, and federal entities. Q3-2020 resident population is used for total population. Distributed doses are defined by the CDC as the cumulative number of Moderna and Pfizer vacines shipped since 12/13/2020. People initiating vaccination (1st dose received) is defined by the CDC as the cumulative number of administered Moderna and Pfizer vaccines reported to the CDC since 12/14/2020.
2 Q3-2020 resident population to calculate per thousand. Positive cases are confirmed cases. SD positive cases include both confirmed and probable cases. MN positive cases include both reported confirmed and probable cases. MN, MT, and SD have missing data for 12/25/2020 and 1/1/2021.
3 Q3-2020 resident population to calculate per million. ND and SD deaths include reported confirmed and probable deaths.
4 Compared to consumer spending in January 4-31, 2020. Income distribution refers to consumer spending living in ZIP codes with low, middle, or high median income. The most recent data point is the weekly average. Prior to the most recent week, the data series is daily. The last few weeks of data points are subject to potential revisions.
5 Compared to January 4-31, 2020. National-level includes forecasted data. Opportunity Insights defines low-wage as <$27K, medium-wage as $27K - $60K, and high-wage as >$60K. Opportunity Insights did not report SD high-wage employment.
6 Lines show percent of adults who did any work for pay or profit in the past 7 days.
7 Lines show percent of adults who live in a household where someone lost employment income since March 13, 2020.
8 Lines show percent of adults who live in a household where members sometimes or often did not get enough to eat in the past 7 days.
9 Lines show percent of adults who live in a household where someone received a free meal or free groceries in the past 7 days.
10 From April to July, lines show percent of adults who own a home with a mortgage/loan or who rent and did not pay last month’s mortgage/rent on time or deferred the payment. From August to November, lines show percent of adults who own a home with a mortgage/loan or who rent and are not currently caught up on their mortgage/rent payments.
11 Compared to same day and week one year ago. Holidays and significant events are matched and compared by calendar dates, while still ensuring the 7-day rolling average includes all days of the week (Monday-Sunday). Sturgis Motorcycle Rally calendar dates were matched and compared for SD in August. Calendar dates were matched and compared for all states from December 23rd, 2020, to January 5th, 2021.
12 Compared to median day-value from the 5-week period in Jan 3-Feb 6, 2020
13 Compared to median day-value from the 5-week period in Jan 3-Feb 6, 2020. There is missing data from August 17th to September 10th for MT, ND, and SD.
14 Compared to median day-value from the 5-week period in Jan 3-Feb 6, 2020. There is missing data from August 17th to September 10th for SD.
15 Transit service suspended mid-day 5/28 and resumed partial service 6/3. Full service resumed 6/5.
16 Compared to same day and week one year ago
17 Compared to same day and week one year ago