Chart of the week

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Sources: Author's calculations and US Securities and Exchange Commission 8-K filings.

We're watching US listed company 8-K filings. 8-K filings are announced daily, so they provide a real-time measure of economic activity.

In the early stages of the epidemic in the United States (early-mid April), there was a jump in firms declaring exit costs, which relate to costs associated with layoffs and the shutdown of plants and activities. Last week saw the largest number of bankruptcy and receivership announcements for the year, following a period of increased announcements of material impairments and events triggering financial obligations.