Recession Officially Announced: Local Expert’s thoughts on Recovery
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The national committee of economic research officially announced the united states is in a recession.
This is a direct result of the covid-19 pandemic.
News 10's dominic miranda spoke with a local expert today.
He joins us now with more information on what a recovery may look like... and what wabash valley businesses fare best.
I'm here sitting at home.... where many of you probably were when the official announcement came down that the us is, indeed in a recession.
We've known that since about late march.....but the road to recovery may be the horizon.
I spoke with economics professor dr. bob guell at indiana state.
He told me what the wabash valley could look like during recovery.
Guell says, the real question is how much will we recover and how quickly.
He says we are in the middle of a bounce recovery.
With the unemployment rate falling and more jobs are coming available.
A portion of restaurant workers, barber shops and salons are returning to work and more people will continue to do so.
Guell told me, the kinds of businesses that you'll see that will come back faster maybe-here in wabash valley... will be the ones that are able to accommodate social distancing easily.
Like banking, for instance.
That part of economy will bounce back relatively quick.
Those who can't make those accommodations may continue to struggle.
But guell foresees a steady recovery, barring anything odd happening related to the pandemic, here in the wabash valley.
"the businesses of the valley, i think, will probably recover at or around the rate that other businesses in indiana recover.
What will get us back to where we were depends on how apprehensive we are in spending money coming out of this."
Guell told me with 4 colleges in terre haute, and the vigo county school corp being one of the areas largest employers.... a recovery will be heavily tied in education.
But there are still many unknowns... and a lot remains to be seen as far as the pandemic is concerned in terre haute.
I'm dominic miranda.
News 10.