Here are five charts illustrating U.S. economic trends amid the coronavirus pandemic
As states take different approaches to reopening and closing, parts of the economy continue to improve since the start of the pandemic while others continue to struggle. Some states have instituted mask warrants and other measures, such as shutting down indoor bar service, amid rising coronavirus cases.
These five charts illustrate trends in important industries that help track reopening progress in the United States.
Data AppleThe navigation tool, Maps, shows a new drop for walking and driving. Compared to last week, walking and driving have decreased at the same time since the high of the summer, both still have higher demands than pre-pandemic levels. Transit directions remained almost the same as in previous weeks at levels below pre-pandemic levels. These drops in walking and driving could reflect recent spikes in positive coronavirus cases this may be less of an incentive to need to travel. On the other hand, as more cities and states consider new reopening and back-to-work measures, those numbers could rise in the coming weeks.
The new weekly figures for the restaurant reservation app OpenTable are more than 60% lower than last year, although they remain above the 0% reservation levels seen from mid-March to May. The lower number of bookings compared to previous weeks is likely an effect of the increase in cases which have led to restrictive measures, including the closure or reduction of bar capacities in some areas, including parts of Michigan, where the indoor bar service was closed. As these more restrictive measures appear to have been put in place with the increase in cases, the continued upward trend in bookings has become less certain.
Occupancy rates have started to slow after weeks of notable jumps despite the bank holiday weekend. The occupancy rate is down 30% from a comparable week in 2019, and the average daily rate for hotels is down 20%, according to data from global hotel research firm STR. In line with previous weeks, Norfolk / Virginia Beach, Virginia was one of the top travel markets and this week the only major travel market to exceed 60% occupancy. Boston and Orlando, among the lowest occupancy rates, both had occupancy rates below 30%.
The number of passengers passing through airport security checkpoints remains below 70% compared to last year, according to data from the Transportation Security Administration. Nearly the -70% mark is the highest number of passengers the industry has reached since the start of the pandemic shake up the industry. The airline industry has been an area of attention for health experts and concerned travelers, as reports of near-capacity planes have heightened concerns about the spread of the coronavirus in the air.
Mortgage applications for the purchase of a single-family home, although down from June highs, remain more than 15% higher than last year, according to data from the Mortgage Bankers Association. Mortgage applications were up 2.2% from the previous week, including an adjustment for July 4, according to the MBA. The MBA also reported that the average purchase loan amount increased to $ 365,700, with borrowers with limited housing supply and higher prices.