The economy is susceptible to shocks such as pandemics, natural disasters, and financial panics, which can have serious implications. And it can be challenging for economists to capture these economic effects in real-time, as many key economic indicators are released with a considerable lag. For example, real GDP for the second quarter of 2023 was released on July 27, 2023, about one month after the quarter ended. Unemployment rate data, from example, is more timely: Measures for the middle of July were released last week, on August 4, 2023. The COVID-19 pandemic and the ensuing lockdowns had immediate impacts on the ... (full story)