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is this for real?
Bank of America's top U.S. economist on Thursday warned that the country is now in a recession in a note to investors. CNBC reported that Michelle Meyer wrote in a letter to the company's clients that the U.S. economy is in a "deep plunge" brought on by the global coronavirus outbreak, which has sickened thousands across the country and more than 200,000 globally. “We are officially declaring that the economy has fallen into a recession .... joining the rest of the world, and it is a deep plunge,” Meyer reportedly wrote. “ |
is this for real?
On 3/19/2020 1:07 PM, Keyser Soze wrote:
Bank of America's top U.S. economist on Thursday warned that the country is now in a recession in a note to investors. CNBC reported that Michelle Meyer wrote in a letter to the company's clients that the U.S. economy is in a "deep plunge" brought on by the global coronavirus outbreak, which has sickened thousands across the country and more than 200,000 globally. “We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge,” Meyer reportedly wrote. “ Not by the classic definition of a recession but still true. What is weird though is that a recession is always marked by a decline in spending by consumers due to economic uncertainty and rising unemployment. The situation we are in right now is not the result of the above. It was brought on suddenly and without warning for a reason that had nothing to do with economic uncertainty. People would spend if they could but nothing is open. -- This email has been checked for viruses by AVG. https://www.avg.com |
is this for real?
Mr. Luddite wrote:
On 3/19/2020 1:07 PM, Keyser Soze wrote: Bank of America's top U.S. economist on Thursday warned that the country is now in a recession in a note to investors. CNBC reported that Michelle Meyer wrote in a letter to the company's clients that the U.S. economy is in a "deep plunge" brought on by the global coronavirus outbreak, which has sickened thousands across the country and more than 200,000 globally. “We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge,” Meyer reportedly wrote. “ Not by the classic definition of a recession but still true. What is weird though is that a recession is always marked by a decline in spending by consumers due to economic uncertainty and rising unemployment. The situation we are in right now is not the result of the above. It was brought on suddenly and without warning for a reason that had nothing to do with economic uncertainty. People would spend if they could but nothing is open. Our local chain grocery stores are about 60% stocked with plenty of fruits and veggies, no paper products, some meats, not much frozen food. We are avoiding other retail outlets. |
is this for real?
On 3/19/2020 1:30 PM, Keyser Soze wrote:
Mr. Luddite wrote: On 3/19/2020 1:07 PM, Keyser Soze wrote: Bank of America's top U.S. economist on Thursday warned that the country is now in a recession in a note to investors. CNBC reported that Michelle Meyer wrote in a letter to the company's clients that the U.S. economy is in a "deep plunge" brought on by the global coronavirus outbreak, which has sickened thousands across the country and more than 200,000 globally. “We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge,” Meyer reportedly wrote. “ Not by the classic definition of a recession but still true. What is weird though is that a recession is always marked by a decline in spending by consumers due to economic uncertainty and rising unemployment. The situation we are in right now is not the result of the above. It was brought on suddenly and without warning for a reason that had nothing to do with economic uncertainty. People would spend if they could but nothing is open. Our local chain grocery stores are about 60% stocked with plenty of fruits and veggies, no paper products, some meats, not much frozen food. We are avoiding other retail outlets. Yeah, one thing I noticed this morning at our local supermarket during "senior" hour. The frozen food freezers were pretty much empty. We have a farmer's market type place here called "Quintels" that specializes in fresh fruits, veggies, etc., along with some chicken and turkey at times. They have started a delivery service to your home. You call them, place an order for what you want from their website, put it on a credit card and the next day they deliver it. Delivery fee is $5.00 but is waived right now if you are a senior. My wife placed an order yesterday and it will arrive today. -- This email has been checked for viruses by AVG. https://www.avg.com |
is this for real?
On Thu, 19 Mar 2020 13:19:50 -0400, "Mr. Luddite"
wrote: On 3/19/2020 1:07 PM, Keyser Soze wrote: Bank of America's top U.S. economist on Thursday warned that the country is now in a recession in a note to investors. CNBC reported that Michelle Meyer wrote in a letter to the company's clients that the U.S. economy is in a "deep plunge" brought on by the global coronavirus outbreak, which has sickened thousands across the country and more than 200,000 globally. “We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge,” Meyer reportedly wrote. “ Not by the classic definition of a recession but still true. What is weird though is that a recession is always marked by a decline in spending by consumers due to economic uncertainty and rising unemployment. The situation we are in right now is not the result of the above. It was brought on suddenly and without warning for a reason that had nothing to do with economic uncertainty. People would spend if they could but nothing is open. I think once they actually get a chance to roll up the unemployment numbers, nobody will question whether this is a recession or not. Those numbers lag reality by a few weeks since it is based on people filing for unemployment benefits, being approved, then the bureaucratic inertia to get those numbers out. Our folks are really just getting laid off here but the prognosis for coming back is slim. Effectively season is over here, a month to a month and a half early. In a season that only lasts 4 months, that is a big hit to their income. I bet a lot of small businesses will not survive the summer. |
is this for real?
On Thu, 19 Mar 2020 19:09:58 -0400, "Mr. Luddite"
wrote: On 3/19/2020 5:06 PM, wrote: On Thu, 19 Mar 2020 13:19:50 -0400, "Mr. Luddite" wrote: On 3/19/2020 1:07 PM, Keyser Soze wrote: Bank of America's top U.S. economist on Thursday warned that the country is now in a recession in a note to investors. CNBC reported that Michelle Meyer wrote in a letter to the company's clients that the U.S. economy is in a "deep plunge" brought on by the global coronavirus outbreak, which has sickened thousands across the country and more than 200,000 globally. “We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge,” Meyer reportedly wrote. “ Not by the classic definition of a recession but still true. What is weird though is that a recession is always marked by a decline in spending by consumers due to economic uncertainty and rising unemployment. The situation we are in right now is not the result of the above. It was brought on suddenly and without warning for a reason that had nothing to do with economic uncertainty. People would spend if they could but nothing is open. I think once they actually get a chance to roll up the unemployment numbers, nobody will question whether this is a recession or not. Those numbers lag reality by a few weeks since it is based on people filing for unemployment benefits, being approved, then the bureaucratic inertia to get those numbers out. Our folks are really just getting laid off here but the prognosis for coming back is slim. Effectively season is over here, a month to a month and a half early. In a season that only lasts 4 months, that is a big hit to their income. I bet a lot of small businesses will not survive the summer. A month ago construction was booming everywhere. This virus thing shut it down like someone standing on the brakes. That is not typical of a general economic slowdown. You make it sound like a recession starts every year in Florida in terms of the construction trades. Not really in construction but certainly in server world. Typically there are a lot of them who will follow the snowbirds north around the end of April and into May and work up there for the summer. We ran into a waitress we know in Naples, working in Fairbanks AK. A lot of the people at my wife's club had gigs they worked up north in the summer. This shutdown caught them at the time where they were saving up for the move and now they are not even certain there will be a job up there if they could get there. |
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