Welcome to the Economic Outlook Series
As we’re facing many new and escalating challenges on the global economic front, particularly from COVID-19 (coronavirus), it is essential first to recognize the impact that this health crisis is having on lives around the world.
The stakes were high for U.S. leaders to pass a new stimulus package as jobless claims continue to rise. As the deadline to buttress, millions of unemployed workers was missed, revised supplemental unemployment benefits, and new payroll cuts are extended through Presidential executive order. In his latest economic report, Mr. Andrew Duguay, Prevedere’s Chief Economist, focuses on the government stimulus and the impact on recession and recovery trends across states and geographical regions.
Jobless claims hover just above 10% since COVID-19 peaked earlier this year, due to a surge of new cases, and states rolling back reopening plans. Mr. Duguay explores how businesses can adapt to the volatile landscape to accommodate agile business planning when downturns happen to create new opportunities.
U.S. economic viability is reliant on each State’s overall economic form. This recent crisis is experiencing a much wider gap between states than historically observed. States that had fewer COVID-19 cases and reacted modestly will allow for earlier opening and less transition. Additional boosts come from states dominated from industries that can recover faster than those that rely on tourism or the service industry. Businesses will need to focus on forecasting by geography in addition to other factors.
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Andrew Duguay – Chief Economist Prevedere, Inc.
Mr. Duguay is a Chief Economist for Prevedere, a predictive analytics company that helps provides business leaders a real-time insight into their company’s future performance. Prior to his role at Prevedere, Andrew was a Senior Economist at ITR Economics. Andrew’s commentary and expertise have been featured in NPR, Reuters, and other publications. Andrew has an MBA and a degree in Economics. He has received a Certificate in Professional Forecasting from the Institute for Business Forecasting and Certificates in Economic Measurement, Applied Econometrics, and Time-Series Analysis and Forecasting from the National Association for Business Economics.
About Prevedere, Inc.
Prevedere is a predictive analytics software company that delivers insights into future business outcomes based on current economic trends. Our predictive economic intelligence helps executives see what lies ahead for their business and solve for upcoming risks and opportunities. Our SaaS solutions apply the power of machine learning and predictive modeling to more than 2.5 million indicators of global economic and consumer activity. Prevedere customers include Fortune 500 industry leaders in retail, manufacturing, and consumer packaged goods. To learn more, visit www.prevedere.comand follow @Prevedere on Twitter.