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Not when you factor in that shutdowns didn't really start until the very end of the quarter. According to Wikipedia[1], earliest state stay-at-home order was March 19 in California and 19 states either waited until April or never issued a stay-at-home order.

[1] https://en.wikipedia.org/wiki/U.S._state_and_local_governmen...




It wasn't just large government shutdowns. It was local governments taking action, people traveling less, businesses cancelling/denying trips, people eating out less, etc. All of that started weeks before the large scale shutdowns.




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