d. Table 3 shows the summary statistics for different survey questions broken down by industry: Table 3: SUMMARY MEASURES BY INDUSTRY Currently Exp Closed Weeks COVID Closed December Will Last Mean SD Mean SD Mean SD Current v Jan Employment Mean SD Panel A: Raw Data All Retailers, except Grocery Arts and entertainment Banking/finance Construction Health care Other Personal Services Professional Services Real Estate Restaurant/Bar/Catering Tourism/Lodging Total N 0.53 0.70 0.19 0.32 0.45 0.39 0.86 0.21 0.37 0.56 0.61 0.45 4413 0.50 0.46 0.39 0.47 0.50 0.49 0.34 0.41 0.48 0.50 0.49 0.50 0.45 0.42 0.25 0.38 0.29 0.35 0.39 0.29 0.30 0.52 0.45 0.37 3953 0.50 0.49 0.43 0.49 0.45 0.48 0.49 0.45 0.46 0.50 0.50 0.48 14.1 17.5 16.1 14.3 15.1 16.6 11.8 15.7 15.8 13.1 16.2 15.5 4000 9.5 11.3 10.9 10.3 10.4 11.2 8.3 10.6 11.4 8.7 10.0 10.6 0.49 0.40 0.81 0.66 0.69 0.70 0.35 0.80 0.70 0.24 0.30 0.58 3935 0.42 0.46 0.33 0.40 0.37 0.41 0.40 0.41 0.41 0.37 0.35 0.44 The "Currently Closes" and "Exp Closed December" are dummy variables that are 1 when the firm is closed and expects to be closed in December, respectively. Please compare the effects and forecasts of the crisis from the perspective of the personal services industry compared to the banking and finance industry. Which industry was harder hit? How did they differ in their forecasts of the effects of the crisis? (8 points) d. Table 3 shows the summary statistics for different survey questions broken down by industry: Table 3: SUMMARY MEASURES BY INDUSTRY Currently Exp Closed Weeks COVID Closed December Will Last Mean SD Mean SD Mean SD Current v Jan Employment Mean SD Panel A: Raw Data All Retailers, except Grocery Arts and entertainment Banking/finance Construction Health care Other Personal Services Professional Services Real Estate Restaurant/Bar/Catering Tourism/Lodging Total N 0.53 0.70 0.19 0.32 0.45 0.39 0.86 0.21 0.37 0.56 0.61 0.45 4413 0.50 0.46 0.39 0.47 0.50 0.49 0.34 0.41 0.48 0.50 0.49 0.50 0.45 0.42 0.25 0.38 0.29 0.35 0.39 0.29 0.30 0.52 0.45 0.37 3953 0.50 0.49 0.43 0.49 0.45 0.48 0.49 0.45 0.46 0.50 0.50 0.48 14.1 17.5 16.1 14.3 15.1 16.6 11.8 15.7 15.8 13.1 16.2 15.5 4000 9.5 11.3 10.9 10.3 10.4 11.2 8.3 10.6 11.4 8.7 10.0 10.6 0.49 0.40 0.81 0.66 0.69 0.70 0.35 0.80 0.70 0.24 0.30 0.58 3935 0.42 0.46 0.33 0.40 0.37 0.41 0.40 0.41 0.41 0.37 0.35 0.44 The "Currently Closes" and "Exp Closed December" are dummy variables that are 1 when the firm is closed and expects to be closed in December, respectively. Please compare the effects and forecasts of the crisis from the perspective of the personal services industry compared to the banking and finance industry. Which industry was harder hit? How did they differ in their forecasts of the effects of the crisis? (8 points)