Reporting in JLC‘s sister publication, BUILDER, Mary Salmonson reports on the 13th weekly COVID-19 Update webinar from Meyers Research chief economist Ali Wolf and senior managing principal Tim Sullivan as they continue to navigate what Wolf calls a “wild ride” of economic twists, turns, and contradictions. It’s a worthwhile read.
Given the question, “Are we in the clear?” Wolf acknowledges that the economy is moving in the right direction, and that support from the federal government has been vital in keeping the country going. Home sales are benefiting from low interest rates, and it is estimated that 85% of households can maintain their standard of living for three to six months thanks to expanded unemployment. However, Wolf cautions that the economy will lose a vital support structure if this stimulus is allowed to expire, and that without the proper policy safeguards a potential second wave could “[devastate] the economy.” At the same time, news of furloughs and businesses unable to pay their rents accompany stock market surges, healing job markets, and rising consumer optimism.
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Don’t miss the next COVID-19 Update webinar will be June 24 at 11 AM PDT / 2 PM EDT.