June 3, 2020 – 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 percent 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.