Research Article
Economic Data Analysis of 50 States in USA by Considering the Influence of COVID-19
@INPROCEEDINGS{10.4108/eai.18-11-2022.2327199, author={Yuechen Mu}, title={Economic Data Analysis of 50 States in USA by Considering the Influence of COVID-19}, proceedings={Proceedings of the 4th International Conference on Economic Management and Model Engineering, ICEMME 2022, November 18-20, 2022, Nanjing, China}, publisher={EAI}, proceedings_a={ICEMME}, year={2023}, month={2}, keywords={clustering; prediction; mathematical analysis}, doi={10.4108/eai.18-11-2022.2327199} }- Yuechen Mu
Year: 2023
Economic Data Analysis of 50 States in USA by Considering the Influence of COVID-19
ICEMME
EAI
DOI: 10.4108/eai.18-11-2022.2327199
Abstract
The world was met by a challenge from Covid-19 since 2020. The biggest loss of the pandemic is often considered to be social-economic. This paper mainly focus on the impact of Covid-19 on the economic growth of the United States with a consideration of several key parameters such as GDP, personal income and industry earnings. In order to find a more accurate time reference. All data are dcollected from the national economic report from the first quarter of 2018 till the last of 2020. After that we At first, the paper compared the variation of key economic parameters of 50 states before and after the burst of corona virus. After that, the economic status of each state was categorized into three groups that reflect the overall financial situation in the light of K-means analysis. This paper further investigated the dynamic changes of these groups and predicted future trend. As a result, the GDP by industry witnessed a huge decline due to the propagation of COVID-19. It reached the lowest value in the 2020 second quarter and increases after that time. In addition, the total personal income began to decrease in the second quarter of 2020. When the GDP plummeted to the all-time low, the personal income also decreases. The Finance and Insurance Earnings may not be impacted by the COVID-19, or the COVID-19 stimulate its growth. The reason may be caused by the online style of these businesses.