COVID-related social distancing measures have impacted most businesses but not equally. A recent CEPR paper (2nd one from this edition) attempts to model business sectors by social interaction to understand the winners and losers. The punchline is that retail and the arts are the most affected industries, while manufacturing, publishing and finance are least affected. However, another study which looks into the earnings transcripts of firms finds that manufacturing does get both affected and visibly concerned by the absence of retail demand…
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