A New Analysis released by US Chamber of Commerce showing Economic Recovery

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A new analysis released by the US Chamber of Commerce, on Monday. It shows the economic recovery of the United States from the coronavirus pandemic. The survey includes responses from 36 business leaders across a wide range of industries, from healthcare to finance and energy to entertainment. 19 business leaders or 53%, out of the 36 responses said they are doing slightly or much worse than pre-pandemic compared to 15 business leaders or 42%. Those 15 leaders said they are doing slightly or much better and two or 5% said they are doing the same. Point to be noted that small businesses reported a similar split and K-shaped recovery. The most recent MetLife & US Chamber of Commerce Small Business Index showed 48% of small businesses say their businesses’ health is average or poor.

The analysis also indicated that 50% of small businesses said their business is in good overall health. It is noteworthy that 80% or more of small businesses are concerned about the virus’s impact on America’s economy. The Executive Vice President and Chief Policy Officer for the US Chamber of Commerce, Neil Bradley issued a press statement. He said, “Ten months after COVID-19 caused an unprecedented disruption in economic activity, some industries have fully recovered while others are in the equivalent of a depression. The full reopening of the economy and widespread vaccinations will make possible offers a light at the end of the tunnel, but we will be dealing with the fallout from the pandemic for years to come. As we rally for recovery, it is critical that policymakers pursue pro-growth policies that can help business, families, and communities fully recover”.

A new survey of the US Chamber of Commerce has indicated that the areas seeing the slowest economic recovery include the airport, hospitality, housing, and gaming industries. The airport industry expects losses of at least $23 billion from March 2020 to March 2021. At least 63% of hotels have less than half of their typical pre-crisis staff working full-time and housing projections show up to $70 billion in rental debt has been incurred as of the end of 2020. However, the areas that experienced the strongest economic recovery include energy and the finance industry. The energy industry experienced petroleum demand in the US return to 19.1 million barrels per day. The finance industry experienced credit union deposits in the second quarter of 2020 grow 15 times faster than the same period a year ago. At least 61% of food retailers also reported strong demand with a positive impact on business despite new COVID-19 restrictions.