{"id":55115,"date":"2020-09-22T06:42:42","date_gmt":"2020-09-22T11:42:42","guid":{"rendered":"https:\/\/olduvai.ca\/?p=55115"},"modified":"2020-09-22T06:42:42","modified_gmt":"2020-09-22T11:42:42","slug":"the-new-normal-has-been-postponed-and-probably-canceled","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=55115","title":{"rendered":"The ‘new normal’ has been postponed (and probably canceled)"},"content":{"rendered":"

The ‘new normal’ has been postponed (and probably canceled)<\/a><\/h3>\n
\n

There remains a hope that once we get past the economic and social effects of the pandemic, all of us will be able to return to something resembling normal life before the pandemic\u2014even if it is a “new normal” marked by heightened vigilance and protection against infectious disease and more work at home for office workers as companies realize they don’t need to maintain as much expensive office space.<\/p>\n

But the date for this recovery to a new normal seems to keep getting postponed. The\u00a0International Air Transport Association now projects a full recovery<\/a>\u00a0in international passenger traffic will take until 2024, a year later than the association projected back in April. The hotel industry will get a bit of a jump on the airline industry with\u00a0a projected recovery by 2023<\/a>.\u00a0The situation is so bad for restaurants<\/a>\u00a0that no one seems to be willing to project a date for anything that might be called a recovery.<\/p>\n

Office building owners\u2014who are suffering lower rent collections and lease cancellations\u2014seem lucky in comparison with\u00a0a recovery expected by the end of 2022<\/a>.<\/a><\/p>\n

Retailers of all kinds continue to suffer<\/a>\u00a0as closures abound throughout the United States. And,\u00a0anyone who relies on commuter foot traffic<\/a>\u00a0for sales is hurting.<\/p>\n

Meanwhile, the U.S. Federal Reserve Bank just signaled that in the wake of such a sluggish economy\u00a0it will keep short-term interest rates near zero until 2023<\/a>. One commentator provided\u00a0a list of hobbies that Fed board members could take up<\/a>\u00a0to fill their time between now and then.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The ‘new normal’ has been postponed (and probably canceled) There remains a hope that once we get past the economic and social effects of the pandemic, all of us will be able to return to something resembling normal life before the pandemic\u2014even if it is a “new normal” marked by heightened vigilance and protection against […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[7982,303,431,4752,534,6465,607,4967,3650],"class_list":["post-55115","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-economic-recovery","tag-fed","tag-interest-rates","tag-kurt-cobb","tag-monetary-policy","tag-new-normal","tag-pandemic","tag-resource-insights","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55115"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55115\/revisions"}],"predecessor-version":[{"id":55116,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55115\/revisions\/55116"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}