We are moving towards alert level1, and now it's time to turn our attention to the current state of the economy. Recently, the stories have been ringing regarding hiring freezes, expenses cutbacks, hold back on consultants, contractors, contingency labor, and on capital expenses, as well as restructuring to look at payroll and employees. Employees are both a company's greatest asset and also its greatest expense. We are in a unique situation which made it difficult to react decisively.
We would all agree that the current state of the economy is going to vary depending on the industry, their location, and their overall financial capability. A few industries are thriving, some are stable, and others are struggling to survive.
If social distancing will have to remain in effect until we have a vaccine, will we become used to isolation and anxious about contagion to venture back out into the world to stimulate the economy.
In short, no one knows what the future will bring. Keep in mind that we don't know how long the current situation will last. It is possible that businesses will start to ramp up again in just a few months.