Finding the worst affected industry due to COVID in terms of unemployment My goal is to find the worst affected industries from COVID—19 in terms unemployment.
In terms of the data I will use for this task, I have a time series county-wise unemployment rate data of each month and business distribution data.
Business distribution data contains number of establishments in each county by their respective industries. (Manufacturing -121, Accommodation and Food Services -564, Construction-32 etc.)
Unemployment rate data gives monthly unemployment rate in each county.
From this data, what would your recommendation be to find the worst and least affected industry?
Any help is highly appreciated. Thanks in advance.
Thank you clarifying the question and the current data available. This is a really interesting project idea and I look forward to hearing more developments on this.
So, with what I have seen so far, without the monthly breakdown of number of businesses by month, then you you can't look at the affect of COVID-19 on an industry-level, unless you compare 2019 with 2020 data.
However, with the data so far you can look at how COVID-19 is affecting unemployment rates and see if they affect certain groups of counties which have a certain industry composition/distribution.
If, for example, particular counties with similar distributions of industries (e.g. 90% Manufacturing, 5% Retail and 5% Information) show greater unemployment from those with a different composition.
Let me know if I need to clarify further. But again, very interesting project, please do keep me in the know with how this goes.