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Yelp reports Increased Consumer Interest in May correlates with more Covid outbreaks and closures in June and July.

Consumer Interest vs Outbreaks

Yelp July  2020 A - consumer interest increased

Business Closures Fluctuate Across the Nation

  • There were 140,000 total businesses closures on Yelp from March 1 to June 15. This increased to more than 147,000 total business closures on June 29 and then dropped again to just more than 132,500 total business closures as of July 10. 
  • In April, there were more than 175,000 business closures indicating that only 24% of businesses that were closed in April have reopened.
  • Even as total closures fall, permanent closures increase with 72,842 businesses permanently closed, out of the 132,580 total closed businesses, an increase of 15,742 permanent closures since June 15. 
  • This also means that the percentage of permanent to temporary business closures is rising, with permanent closures now accounting for 55% of all closed businesses since March 1, an increase of 14% from June when we reported 41% of closures as permanent. 
  • Overall, permanent closures have steadily increased since the peak of the pandemic with minor spikes in March, followed by May and June.

Total Businesses Closures

Yelp July  2020 - Where are most Businessses Closed

States with the largest populations have the most closures. 

Total Business Closures Per 1,000

Yelp July  2020 - Where are most Businessses Closed per 1,000

On a metro level, Las Vegas, NV, is suffering from the highest rate of permanently closed businesses with 861 businesses permanently closed, as the city reacts to a decrease in tourism. Meanwhile, Los Angeles, CA, has the most closures with 11,342 total temporary and permanent business closures.

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Restaurants Struggle

Yelp July  2020 - reataurants and retail Closures

Yelp has many additional charts.

Inquiring minds may wish to investigate.

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Permanent closures will continue to rise. Many small businesses already on the ropes, will not survive the reopening reversal. 

Don't confuse the stock market with the real economy.

This is a deflationary event. 

For discussion, please see Unprecedented Recession Synchronization and What it Means.