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Efforts to contain the spread of COVID-19 in the U.S. are resulting in shuttered businesses and an unprecedented dislocation of economic activity. Given the nature of the crisis, certain areas of the economy are likely to be hit hardest. The breadth and depth of the impact may ultimately be determined largely by the length of time it takes to get the pandemic under control.

In this note, we attempt to measure the immediate impact of specific industry shutdowns as well as outline uncertainties around knock-on effects on consumer spending, business investment and efficacy of government stimulus.

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