Let's Talk Business: Today's Business Environment is a Roller Coaster Ride
Today’s business environment can best be described as a roller coaster ride. It is full of ups and downs, violent turns, sudden stops, and rapid accelerations.
Let’s take a look at some information from just this the past week. We learned that unemployment rates dropped for the month of June. And then we learned unemployment filings are on the rise again in July in some states. Many employees have gone back to work while others are in fields that still have not rebounded at all and their CARES Act benefits are about to expire.
In the world of retail, we continue to see national chains file for bankruptcy while others are booming. Locally, sales tax revenues have remained pretty stable and while some retailers are struggling, we are experiencing new interest in the area from several others.
Many manufacturers in the consumer products, building materials, and PPE equipment areas are booming with no end to their growth in sight. But the hospitality, event center, airline, and live music industries continue to be decimated.
Our local hospitals are dealing with increased admissions related to the virus but have resumed elective procedures. Hopefully, we can avoid stressing our systems.
And in the midst of all of this, we are working several business prospects looking at the area. Our tech industry continues to train people and promote strong entrepreneurial ideas. And our education system is figuring out how to safely teach our students in the fall.