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Charts: The Economic Impact of COVID-19 in the U.S. So Far

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Charts: The Economic Impact of COVID-19 in the U.S. So Far

Charts: The Economic Impact of COVID-19 in the U.S. So Far

In the second quarter of 2020, the U.S. recorded its steepest drop in economic output on record.

As COVID-19 continues to spread around the country leaving economic upheaval in its wake, many economic indicators are trending in undesirable ways. The graphic above is a snapshot of the overall health of the economy at this pivotal moment in time.

The Big Picture

To put this quarter’s 9.5% drop into perspective, it helps to look back in history. Since record keeping began in 1947, quarterly GDP had never exceeded even a 3% drop (non-annualized). Here are just a few of the problems currently plaguing the economy:

Employment: Well over 50 million people are still out of the workforce as businesses shutter permanently and restrictions continue in many parts of the country. New unemployment claims have now exceeded 1 million for 19 consecutive weeks.

Consumer Spending: This makes up more than two-thirds of the U.S. economy, and it sank by the sharpest rate in April—declining by 12.6%. The weekly payments of $600 provided through the CARES Act helped bolster household income, partially offsetting steeper losses. However, the payments expired July 31, and may not be renewed as an initiative.

Monetary Policy: Trillions of dollars have been borrowed to counter the crisis, money supply (M2) has rapidly risen, and central bank balance sheets are shattering records. Despite the injection of money into the system, inflation has dropped to almost zero–well below the Fed’s ideal 2% rate–signalling deflationary pressure on the economy.

Bright Spots

Despite the significant challenges facing the American economy, there are some areas that are showing signs of recovery.

S&P 500: The flagship index is the most prominent positive, recording its best quarter in over two decades. Reaching a high-water mark in June, the index shot up over 25% over the second quarter. Federal stimulus packages stoked optimism in the markets, with the Fed at one point purchasing $41 billion in financial assets daily.

Purchasing Managers’ Index (PMI): Widely seen as a leading business indicator, the PMI is also rebounding. Manufacturing output stabilized as production facilities slowly reopened. As a result, an expansionary manufacturing cycle is anticipated to begin.

covid-19 pmi rebound

Big Tech: Business is booming for Big Tech in the latest quarter. Amazon’s earnings doubled compared to last year, while both Facebook and Apple witnessed double-digit earnings jumps. The shift to remote work has figured prominently in this rise.

What’s Next?

Bright spots aside, COVID-19 is set to become America’s third most common cause of death (after accidents). With an infection curve that remains stubbornly unflattened, it isn’t just the public that’s at risk–the economy may find itself on life support as well.

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Retail

The World’s Top Retail Companies, by Domestic Revenue

As price pressures and e-commerce reshape shopping behaviors, we show the top retail companies by domestic revenue around the world.

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This circle graphic shows the world's top retail companies by domestic revenue.

The World’s Top Retail Companies, by Domestic Revenue

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The retail sector plays a vital role in powering economies, contributing $5.3 trillion annually to America’s GDP alone.

Moreover, the industry is America’s biggest private-sector employer, responsible for one of every four jobs, or 55 million employees. Yet in today’s challenging consumer environment, retailers are facing higher e-commerce penetration and inflationary pressures—across an industry notoriously known for razor-thin margins.

This graphic shows the world’s top retail companies by domestic revenue, based on data from the National Retail Federation.

Methodology

To be included in the rankings, companies must engage in a goods-for-consumer resale business accessible to the public and have direct selling operations in a minimum of three countries.

The rankings include both publicly and private companies, and are based on the most recent 52-week period analyzed by the National Retail Federation between January and March 2024. All revenue figures were converted to U.S. dollars.

Ranked: The Top 10 Global Retailers by Domestic Sales

Here are the leading retailers worldwide based on domestic sales as of 2023:

RankingRetailerDomestic Retail Revenue
(USD)
Share of Total Retail RevenueHeadquarters
1Walmart$532.3B85%🇺🇸 U.S.
2Amazon.com$250.0B70%🇺🇸 U.S.
3Costco$175.4B75%🇺🇸 U.S.
4The Home Depot$142.0B94%🇺🇸 U.S.
5Walgreens Boots Alliance$105.1B89%🇺🇸 U.S.
6Alibaba$91.5B97%🇨🇳 China
7Apple$70.9B87%🇺🇸 U.S.
8Aeon$64.3B93%🇯🇵 Japan
9Schwarz Group$56.5B32%🇩🇪 Germany
10Rewe$55.5B75%🇩🇪 Germany

Walmart towers ahead as the world’s largest retailer with $532 billion in domestic revenue—more than Amazon.com and Costco combined.

Known for its everyday low prices, Walmart achieves a competitive advantage through pricing goods approximately 25% cheaper than traditional retail competitors. Overall, groceries make up more than half of total sales. While its main customer base is often low and middle-income shoppers, the retail giant is seeing a surge in sales from higher-income customers as shoppers seek out lower grocery prices.

E-commerce giant, Amazon, is the second-biggest retailer globally, commanding nearly 40% of online retail sales in America. Since 2019, the number of Amazon employees has grown from 800,000 to over 1.5 million in 2023.

While the company has tried to introduce online grocery platforms to the market, it has largely fallen flat given its clunky system in a highly competitive market.

Like Amazon, China’s e-commerce juggernaut, Alibaba, stands as a leading global retailer. Overall, 97% of revenues were generated domestically through online marketplaces Taobao and Tmall. In recent years, the company has focused on international expansion, delivering products to 11 markets including America, in just five days.

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