Yelp Economic Average Reveals Rapid Business Closures During COVID-19 in Q1 2020
Yelp Inc. (YELP)
Last yelp inc. earnings: 2/13 04:05 pm
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Source: Business Wire
The report found consumer interest in all types of local businesses plummeted across the nation, Los Angeles suffered the most business closures, and the economic impact to New York equates to that of eight Hurricane Sandys SAN FRANCISCO--(BUSINESS WIRE)--Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today released first quarter data for the Yelp Economic Average (YEA) report, a benchmark of local economic strength in the U.S. Given the unprecedented changes brought by the coronavirus (COVID-19), the report has been adapted to reveal the dramatic shifts we’re currently seeing in local economies through a variety of indicators since the start of 2020. YEA found that business closure rates rose by 200% or more in metros and states across the U.S and consumer interest in local businesses fell, by 50% or more in many categories, in a span of two weeks. The report also observed that some businesses saw a surge in interest, including fitness and ex
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