New data amid the Coronavirus pandemic allows for economic indicators to assess impacts of this epidemic. COVID-19 Economic Vulnerability Index is a measurement of the negative impact the coronavirus crisis can have on employment based on a region’s mix of industries.
According to Chmura Economics & Analytics, JobsEQ, an average Vulnerability Index score is 100, representing the average job loss expected in the United States. Higher scores indicate the degree to which job losses may be greater — an index of 200, for example, means the rate of job loss can be twice as large as the national average. Conversely, an index of 50 would mean a possible job loss of half the national average.
MSA data suggests that South Bend – Mishawaka, Elkhart – Goshen and Niles have a vulnerability index of 101.81, 109.86 and 118.25 respectively compared to an average index score of 100. Those sectors with the largest job loss anticipated include; Arts, Entertainment and Recreation, Accommodation and Food Services, Wholesale Trade, Transportation and Warehousing, Retail Trade, and Manufacturing. To further gauge where our region falls within this index, click here.
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