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May saw a historic surge in retail sales and June followed up with 4.8 million new jobs added. But with COVID cases spiking and many states re-closing, the economic concerns remain.
Despite the upward trend, the numbers, of course, don’t factor in the recent spike in cases and re-closures occurring. Both signs that spending and new jobs won’t be as robust in the coming months. However, there are some positives ahead as well with Congress extending the pandemic loan relief program for small businesses, while also looking to add more financial relief for workers.
The signals are certainly mixed and give plenty of reason for workers and businesses to be cautious going forward. What will things look like in a month and, importantly, what does the economy look like after we’ve gotten through this time?
While there’s hope we’ll be able to return to some form of normal, it seems clear some things will be altered long term. This is particularly true in the retail market for brick and mortars, which were going through difficult times even before COVID, as consumers shifted to online and more convenience-based shopping. Now, with the pandemic, there is concern that the brick and mortar closures seen previously could be exacerbated to the point of many malls in the country shuttering their doors as well.
In an economy already shifting away from brick and mortar stores, all businesses will be required to embrace flexibility and out of the box thinking in order to remain viable both during and post-pandemic. With the concerns over COVID, it seems, more than ever, that a shift to online sales and delivery is now more than just a factor in staying competitive, but likely a necessary one.
With so much in flux, an experienced legal team can help navigate a difficult time for businesses, particularly with the ever-changing landscape for companies during the current crisis.