Economy

Saw a post where it was mentioned how bad the economy is. I suggest those who believe that take the tin foil hat off, hop in the Prius and take a ride in any major city. Take a look at the skyline. It is littered with construction cranes. People don’t spend millions on building projects if they can’t rent the space.

I will agree the service industry is still suffering from the virus. I think as a whole the economy is chugging along just fine considering what 2020 has given us.

This my opinion only based on what I see, not what I read.

Can’t stop what is in the pipeline. I know some folks downtown who own office space, and others who have built those newer office spaces and see how they feel about your current assessment about finding people to rent/lease. Not that good I’ll tell ya that.

Housing will always be built bc we need it, lots of those cranes are exactly for that, not offices.

It’s not a tinfoil hat, it’s reality that when your economy takes not a gut punch, but severs off your leg things have to change eventually. And it’s also not a Prius, it’s a 6.2l gasser

My company is producing Magpul gun clips as fast and as many as possible

Don’t think we’ll really fell the effects of everything until next year and beyond. Lot’s of contracts and work were already signed off and paid for before COVID. Lots of stuff will probably be delayed going forward.

Buckle up! I have a feeling that 2021 is going to tell 2020 “to hold my beer and watch this”!

I’m in the tree service industry and it’s the busiest year we’ve ever had . We are currently two hundred jobs behind and still getting three calls a day for more work. We did a job a couple weeks ago for a local bank owner and he said they can’t keep up with the loan requests, the money going in and out of his bank was unreal.

I’ve been getting plenty of hours including overtime working in hospital nursing. However, my neighbor, a union electrician with more than a decade of seniority, has been laid off since February. He said the projects that normally would be keeping him employed consistently aren’t happening because businesses are delaying major work and electrical overhauls due to Covid-related financial uncertainties. I’ve heard the same sentiment from a tradesman in concrete as well. His hours are badly limited. Most people I know seem to be doing just fine though.

Being in the food industry we are substantially slower then years prior. A great deal with it has to do with making convenient healthy snacks that most parents buy for school lunches. On the other note the gunshop that I work at keeps me plenty busy in the slow time!

Look at what is happening in the airline sector bad news for alot of those folks . Economists expect an unemployment rate of 8.2% — only slightly less than in August — which would be the highest … Updated 7:24 AM ET, Thu October 1, 2020.

Yep. It’s basically the service industry, airlines, and oil industry that have tanked. Every other industry is doing very very well.

Greenhorn wrote:

Yep. It’s basically the service industry, airlines, and oil industry that have tanked. Every other industry is doing very very well.

Might want to look up how many people are employed in the service industry compared to every other industry.

Engineer at a sporting goods company. August was the top grossing month on record for us.

Being a concrete guy and concrete cutter we are busy as hell. Tons of work being done right now.
But I know that there is also a lot of work on hold for the moment. But that is also the typical election year thing when you are in the trades.
Lots of businesses moving out of downtown and now a ton off office work and renovations happening in the suburbs.

as you can see covid has damaged some industries and been a boon for others. My neighbor has worked for Delta for 26 years. Hes accepting a retirement package they are offering anyone who has worked there for over 25 years. He definitely does not want to retire right now. They aren’t offering that cause business is good. Disney just announced they are laying off 28,000 people.

If your business has to do with guns, booze, home delivery services to name a few you’re having the best year ever.

Interesting topic, and as pointed out here…there are winners and losers. No different than it’s ever been, just another cause and effect.

I do remember when this all started there were predictions the whole economy would collapse and that mandated closures would kill businesses.

Sure, I know some have been affected but nowhere near on a grand scale.

I know my local view is miniscule but it is telling. Many predicted the area bars/restaurants would not survive the mandated shutdown and then when finally reopen at reduced capacity.

And this area was already struggling before.

Today, I cannot say I know of any local establishment that shut down yet. Maybe that is yet to come, but according to many armchair economists they were supposed to have closed their doors months ago.

I talk to people of all walks of life all day everyday, and I’d say overall I agree with you Dutchy. There are a lot of people laid off and really struggling in some of the industries mentioned too though. Most of those closed or severely limited industries were done so by government regulation, not by peoples choice not to go. I’m not making a political statement or trying to change the topic, just stating that fact.

With ppp money running out,lots big lay offs coming or have came as of this week. But i dont think its all doom and gloom being that we are in pandemic and election year! but i do think 2021 summer could go either way.But hey fish are always biting somewhere they dont care about this BS.

The main thing I’ve seen affected are restaurants. Waitresses are typically paid less than minimum wage and rely a lot on tips. I’ve started a new rule for me: Any time someone brings food up to my truck (even at a Sonic or Portillo’s and sometimes at drive ups) I give them at least a 20% tip. I’ve had a couple of ladies almost start crying they were so happy to get unexpected extra money.

The wife and I have not ate or had a drink inside of any bar/restaurant since mid March. It has been drive through or pickup only. Early on I tipped at least 25% as every place was closed and all were very thankful. Now that businesses are back open that I pick up food from I am back to normal tipping.

“Economy” is way too broad of a lens to try and apply to this entire Covid situation.

Some specific parts of the economy are booming, while others will never see this grim of an outlook in the next 100 years.

Most of the people I know working in the trades are doing well. With the low interest rates those who have the means to spend are doing so from middle class families all the way up to large corporations. Lumber yards, contractors, realtors, banks, technology industries, and most in specific trades are doing just fine or even setting records.

On the contrary, many restaurants, resorts, hotels, theaters, private concert venues, travel agencies, airlines, etc. are absolutely decimated. A huge percentage of our population relies on these businesses just like the aforementioned ones.

To say the economy is “chugging along just fine” is pretty short-sighted. I’d say it is, but only for a portion of our population (who happens to be well represented here). Kudos to those who are benefiting and are busier than ever. I do feel bad for those who had everything swept out from under them though as well.

I dont think we’ve seen the full effect of the past shutdown yet. And my industry is bad. If we can get past the virus and Trump gets re-elected I think we will make a fast recovery. As long as the commies dont prevent us from succeeding.
If/when the socialists take over, its over.

I thought the economy was going to suffer way worse than it has. The one silver lining is it happened in a booming economy and not during a recession.

jwellsy wrote:

I give them at least a 20% tip. I’ve had a couple of ladies almost start crying they were so happy to get unexpected extra money.

I’ve been tipping 20%-30% even at fast food places. I haven’t so much as gotten a look in my direction when the words “thank you” were muffled.

I keep doing it but I guess I’ll have to step it up to 50% if I want a sincere thank you??

Joe Scegura wrote:

<div class=”d4p-bbt-quote-title”>jwellsy wrote:</div>
I give them at least a 20% tip. I’ve had a couple of ladies almost start crying they were so happy to get unexpected extra money.

I’ve been tipping 20%-30% even at fast food places. I haven’t so much as gotten a look in my direction when the words “thank you” were muffled.

I keep doing it but I guess I’ll have to step it up to 50% if I want a sincere thank you??

I honestly feel you on this one. I’ve always been a good tipper but I’ve tried to step it up a little. Lately I feel as if the service I’ve been getting has gone down hill at all but a few places

Just my thoughts, what’s hurting are the little businesses, who decided who could be open and who couldn’t with no concrete explanation are responsible for that. I look at the local paper here and it’s full of help wanted, My guess that many that are off work may want to stay off and collect unemployment. I see less offices being filled, companies found that their workers could work from home and it’s turning out to be a bigger saving than what the companies originally thought it would be.

The effects of economy are regional. In northern Iowa we are effected by the farming economy more than the small business economy. With crop prices being down most of 2020 we have seen farmers tightening their belts. This fall prices have begun to increase and we have seen that money on main street. We have manufactures in the area producing everything from socks to garbage trucks and all are looking for more employees. I’m a small business owner. Lucky enough to be called essential, and I have to say business has been good. Not outstanding but good. The big cities on the coasts are much harder hit than those of us in the midwest.

The Marine industry cannot keep up with boat production. Sales were super high this Spring and Summer. Lumber industry cannot keep up with lumber supply. Lots and lots of money changing hands.

Now, that the Fed has committed to keeping interest rates low for the next couple of years, any downturn is pushed off yet again. So boats, trucks, RVs, houses, cabins, home renovations, ATVs, everything will continue to sell well.

It’s just hard to believe the fed will ever allow us to have a deep recession again where the economy truly goes bad.

For IDMP and the companies we work with in the fishing and hunting industry, automotive, automotive additives, light and heavy manufacturing the economy the last 18 months is the best I’ve ever seen in my lifetime. Every marketing manager or CFO I talk with weekly tells me the same thing…they can’t make and ship product fast enough, they’re raising wages significantly, and their single biggest struggle is adding new employees.

On my end the strength of the economy has translated into me being able to pay all employees a 7% bonus for the second year in a row with raises far in excess of COLA. My employees are buying new houses, building dream garages, putting their kids in private school and putting aside for retirement like never before.

I recognize that this is not the reality across all segments of our economy. I definitely wouldn’t want to be the owner of a restaurant right now. But for many the economy is very strong.

James – my industry (large retailer) had it’s best quarter every in Q2. Wages for hourly employees have been increased, hiring is ongoing and things are great. For many small retailers the story is the opposite. They have laid off employees, closed doors, deferred expansion, etc.

My chief concern is that the recent and continuing increase in the deficit, similar to what happened under the Obama administration in 2008-2009, will eventually come home to roost. It likely will hit my kids far harder than my generation. Someone is going to eventually receive the tab.

Good luck to all, I sincerely hope that everyone remains employed and financially stable other than those retirees of whom I am jealous and will be joining in the next year or two. I wish ongoing financial success for those who worked hard to earn retirement.

Bass Thumb wrote:

I’ve been getting plenty of hours including overtime working in hospital nursing. However, my neighbor, a union electrician with more than a decade of seniority, has been laid off since February. He said the projects that normally would be keeping him employed consistently aren’t happening because businesses are delaying major work and electrical overhauls due to Covid-related financial uncertainties.

He must really be picky about what jobs he hires on for or prefers a specific subset of electrical work. Everybody, union or non union, in my AO is working as many hours as they want.