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Vanguard economists analyzed the impact of pandemic containment measures across various industries, finding that sectors that rely heavily on face-to-face interaction—such as retail trade, hospitality, and transportation—experienced a large shock to activity. Meanwhile, sectors that can operate relatively well with social distancing in place, such as finance, construction, and manufacturing, have been less affected. The recent Vanguard Economic and Market Outlook report digs in deeper to sector
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