According to a report prepared by the Federal Reserve Bank almost 13 years ago, the economic effects of the 1918 influenza pandemic were short-term. Business sectors hardest hit a century ago are going to be the same this time – the report mentions the service and entertainment industries in particular.
As grim as some predictions have been, such as the International Monetary Fund concluding that the COVID-19 pandemic has pushed the world into a recession, other economic experts say that we are in a much better position to rebound compared to the Great Recession of 2008.
The Federal Reserve Bank notes that actual economic data from the 1918 Spanish Flu pandemic is scarce, but there are still strong indications that public health interventions (yes, they had social distancing back then!) actually contributed to better economic outcomes and fewer mortalities.
In other words, the pain in our wallets we’re feeling right now can prevent things from becoming much worse later. It’s why planning right now for what comes later is so important.
The holidays offer hope for our economy
We’re starting to see a glimmer of hope as some parts of the world cautiously begin to explore a post-pandemic existence. Businesses are slowly reopening. Manufacturing has begun to resume.
After months of isolation, we’re ready to reconnect with friends and family – and okay, maybe even coworkers. Our ability to get out and shop, or go to a restaurant, is a vital part of kickstarting the economy. And one of the biggest kicks is this year’s holiday season.
Consumer spending has historically made up about 70 percent of America’s gross domestic product. The National Retail Federation reports that 20 percent of all retail sales occur each year in November and December.
You already know it’s not business as usual. Supply chain logistics are likely to remain slow or unpredictable for some time to come. If you want to be a part of that November/December push to help America’s economy get back on track, it’s not “Christmas in July” this year. It’s Christmas right now.
We’re here right now. We’ve been here to support you throughout this trying time as we’ve been for more than 40 years. How can we help you get back to business as usual?
We’d Love to Connect with You!
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