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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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The World’s Biggest Fashion Companies by Market Cap

LVMH Moët Hennessy Louis Vuitton (LVMH) is the industry’s biggest player by a wide margin.

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Bubble chart showing the world’s biggest fashion companies by market cap.

The World’s Biggest Fashion Companies by Market Cap

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.

Fashion is one of the largest industries globally, accounting for 2% of the global gross domestic product (GDP).

In this graphic, we use data from CompaniesMarketCap to showcase the world’s 12 largest publicly traded fashion companies, ranked by market capitalization as of Jan. 31, 2024.

LVMH Reigns Supreme

European countries dominate the list of the biggest fashion companies, with six in total. The U.S. boasts four companies, while Japan and Canada each have one.

LVMH Moët Hennessy Louis Vuitton (LVMH) is the industry’s biggest player by a wide margin. The company boasts an extensive portfolio of luxury brands spanning fashion, cosmetics, and liquor, including Marc Jacobs, Givenchy, Fendi, and Dior, the latter of which holds a 41% ownership stake in the global luxury goods company.

RankCountryNameMarket Cap (USD)
1🇫🇷 FranceLVMH421,600,000,000
2🇺🇸 United StatesNike153,830,000,000
3🇫🇷 FranceDior145,861,000,000
4🇪🇸 SpainInditex134,042,000,000
5🇺🇸 United StatesTJX Companies108,167,000,000
6🇯🇵 JapanFast Retailing81,489,917,976
7🇺🇸 United StatesCintas61,285,867,520
8🇨🇦 Canadalululemon57,267,998,720
9🇫🇷 FranceKering50,900,207,000
10🇺🇸 United StatesRoss Stores47,227,502,592
11🇩🇪 GermanyAdidas32,535,078,209
12🇸🇪 SwedenH&M25,564,163,571

As a result of the success of the company, in 2024, LVMH chairman Bernard Arnault overtook Elon Musk as the richest person in the world.

In second place, Nike generated 68% of its revenue in 2023 from footwear. One of the company’s most popular brands, the Jordan Brand, generates around $5 billion in revenue per year.

The list also includes less-known names like Inditex, a corporate entity that owns Zara, as well as several other brands, and Fast Retailing, a Japanese holding company that owns Uniqlo, Theory, and Helmut Lang.

According to McKinsey & Company, the fashion industry is expected to experience modest growth of 2% to 4% in 2024, compared to 5% to 7% in 2023, attributed to subdued economic growth and weakened consumer confidence. The luxury segment is projected to contribute the largest share of economic profit.

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