'Dial back' or 'emergency brake?' New lockdowns and the U.S. economy

The surge in new COVID-19 infections is driving a fresh wave of restrictions in cities and counties across the United States.

California’s “emergency brake,” Oregon’s “freeze,” Philadelphia’s “safer at home” and Minnesota’s “dial back” are among a new patchwork of rules adopted by states, cities and counties that are much less strict and far more narrow than measures imposed to stop the spread of the virus in the spring.

The overall economic bite will be smaller, too, compared to the downdraft that started earlier this year and which led to...