Before revision:  This creates a problem for the \covid estimation of economic factors from the data. The persistence of its effects also suggests a need for unconventional predictors in factor-augmented regressions. This note uses covid indicators to adjust the post-covid\covid data prior to factor estimation.
After revision:  This creates a problem for the \covid estimation of economic factors and dynamic causal effects because the variations around the outbreak can be interpreted as outliers, as shifts to the distribution of existing shocks, or as addition of new shocks. I take the latter view and use\covid data prior to factor estimation.