What the hell is going on with the economy?!?!?

We are most likely in a global recession. Full stop.  The funny thing about economics is it takes backward looking data to know anything for sure. How mild (a simple little slow down in spending, some layoffs & a soft credit market) or how deep (Great Depression and 1929 Stock Market Crash) all depends on how long we have to live this new normal. The economy needs YOU to stay calm & healthy so it can bounce back quickly!

What is an economic recession?  

A recession simply refers to a contraction or decline in the business cycle and is typically measured by the Gross Domestic Product (GDP). The GDP is the dollar value of goods & services produced across the country. Downturns are perfectly normal parts of the business cycle and something that every individual and each business can plan for in advance. We all just hate planning for them but now is when we can use our rainy day funds. Unfortunately, none of us typically know exactly when the economy crosses over into a contraction until we’ve been there for a bit and can aggregate the data across businesses and industries. 

Yes, it is common for an individual business and/or an entire industry (or sector) to see seasonal slumps or prolonged drops in business with employee layoffs without the entire economy being in a recession because other industries or businesses are killing it in sales.

In the meantime: Focus on staying healthy, helping those in need within your community, finding simple ways to enjoy life with your family & mother nature, and being your amazing self even with social distancing!  We can lead our families, our communities, and our teams calmly through this thing!

#BeTheCalm #Leadership!!!

If you have any questions or topics of interest, please send them in! If this isn’t for you, please reply & I’ll take you off.

Stay Healthy!

Susie