Mid-West Fastener Association CELEBRATING 74 YEARS COMMITMENT TO THE FASTENER INDUSTRY FALL 2020
FEDERAL RESERVE ADDRESSES THE MWFA THOMAS WALSTRUM, SENIOR BUSINESS ECONOMIST IN THE ECONOMIC RESEARCH DEPARTMENT AT THE FEDERAL RESERVE BANK OF CHICAGO, RECENTLY DISCUSSED THE CURRENT ECONOMIC SITUATION WITH MWFA MEMBERS.
and hospitality have been hit worse than manufacturing. Oil and gas have dropped in consumption and demand . People pull back on investments during recessions.
Not all states have fared the same COVID-19 has had a major effect on but this is due to the intensity of the our economy. Mr. Walstrum noted the outbreak, strictness of stay at home Great Recession took fourteen quarters orders, industry, government support, to recover. (The Great Recession refers and employment growth rate. to the economic downturn from 2007 Public health will play a large to 2009 after the bursting of the U.S. THOMAS WALSTRUM, SENIOR BUSINESS ECONOMIST factor in the recovery of the economy. housing bubble and the global financial OF THE FEDERAL RESERVE, ADDRESSES THE MWFA Increased testing and a vaccine are crisis. The Great Recession was the most major issues for our health system right severe economic recession in the United States now. Until this pandemic is under control we since the Great Depression of the 1930s). probably won’t see full recovery. Currently we’ve seen a sharper drop but a Mr. Walstrum reported survey shorter time back to normal. results of when things are expected to COVID has created a negative shock get back to normal: first half of 2021to consumption as well as investment. 15%, second half of 2021- 35% , first half We’ve also seen people exiting the city of 2022-28%, second half of 2022-14%, and moving to suburbs with home offices after January 2023-8%. being an important feature in housing. Leisure FOR MORE INFORMATION ABOUT THE FEDERAL RESERVE’S ADDRESS - TURN TO PAGE 3