Higher restaurant spending could be linked to COVID-19 cases, study finds – SF Gate

FILE– A brand-new research study by J.P. Morgans says that there may be a connection in between COVID-19 cases and dining establishment spending.

SUBMIT– A new research study by J.P. Morgans says that there may be a correlation in between COVID-19 cases and restaurant costs.

Picture: Halbergman/Getty Images

Picture: Halbergman/Getty Images

FILE– A brand-new study by J.P. Morgans states that there may be a connection in between COVID-19 cases and restaurant costs.

SUBMIT– A new study by J.P. Morgans says that there might be a connection in between COVID-19 cases and dining establishment costs.

Picture: Halbergman/Getty Images

Higher dining establishment spending might be connected to COVID-19 cases, study finds

” We discover that the level of spending in restaurants 3 weeks ago was the strongest predictor of the rise in brand-new infection cases over the subsequent 3 weeks,” composed Jesse Edgerton, economic and policy research study analyst at J.P. Morgan. ” Card-present dining establishment spending (significance in-person rather than online costs) is especially predictive.”

A new study states there may be a correlation between the rise in COVID-19 cases and spending money at dining establishments.

Thats what J.P. Morgan discovered after reviewing data gathered by John Hopkins University and studying how 30 million Chase debit and credit cardholders have actually spent their money in the past few weeks.

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To make his point, Edgerton said in New York and New Jersey– states where new cases have dropped– grocery store spending has actually increased in the [ast 3 weeks and up 20% compared to 2019. Relatively, in Arizona and Texas, where COVID-19 cases have actually risen, consumers have spent less at grocery stores compared to last years numbers.

At the exact same time, Edgerton discovered that customer spending at grocery stores revealed a lower rate of brand-new COVID-19 cases and argued that “high levels of supermarket spending are a sign of more mindful social distancing in a state.”

Edgerton wrote that while he acknowledges other aspects can drive the spread of the unique coronavirus, specifically as states around the United States share other attributes beyond dining establishment costs, he believes the data shows a relationship in between financial activity and the subsequent spread of COVID-19.

Picture: Screengrab: J.P. Morgan

On Wednesday, the United States taped 34,700 new validated COVID-19 cases, the highest number given that April when cases peaked to 36,400.

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In this chart, J.P. Morgan shows Californias increase in …

According to a separate J.P. Morgan report upgraded on Friday, California has actually had a consistent uptick in coronavirus cases because resuming. CA.Gov showed that California had an overall of 200,461 cases and a 2.5% boost on June 26.

In this graph, J.P. Morgan illustrates Californias increase in COVID-19 cases per million given that resuming.

Susana Guerrero is an SFGATE digital reporter. Email: Susana.Guerrero@sfgate.com|Twitter: @SusyGuerrero3.

Relatively, in Arizona and Texas, where COVID-19 cases have increased, customers have invested less at grocery stores compared to last years numbers.

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