The world has changed and it amazes me how quickly we have adapted to the realization that daily life will most certainly be quite different for the foreseeable future.
Isolation Fatigue, a term that pre-pandemic I had never heard of seems to be the one health issue that is hardest to overcome. Social interaction is an integral part of our well-being. If you think of all the activities that nine months ago we took for granted and now cannot enjoy, it’s no wonder that we all feel somewhat lonely. The return of televised sports was a welcome relief and gave us hope that we were returning to a somewhat familiar lifestyle. The athletes who are now participating in baseball, basketball and football give us optimism that if safety protocols are followed we can control the spread of COVID19.
Sadly, Yelp reported that nearly 6,000 New York City businesses closed from 3/1/20 through 9/11/20 (COVID-19 era), according to Bloomberg. Over 4,000 closed permanently. The Partnership for New York City, a nonprofit business group comprised of roughly 300 CEOs based in NYC, estimates that as many as one-third of New York’s 230,000 businesses could close permanently due to the pandemic. Most states are experiencing this same problem and it will be some time before our cities income losses can start to be replenished. Real Estate is another area of concern. With so many people being furloughed and jobs eliminated due to permanently closed businesses mortgage and rental delinquency rates will rise.
The long-term productive capacity of the American economy has not changed and if our current economic downturn is short we have the ability to rebound rapidly. As I mentioned in my last newsletter I am very proud of our industries ability to continue manufacturing while maintaining a safe work environment
Stay safe and enjoy the upcoming holiday season!