You knew it was coming, but we just couldn’t see it until statistical data caught up with the rapidly changing U.S. economy. But now, we are getting a snapshot of these changes and they are breathtaking…and a little scary. Hold on tight…it’s going to get worse before it gets better.
Financial
Fear Factor: Consumers’ Fear Suggests a Slow Recovery from Recession
COVID-19 Recession: Will Rebound be a V…U…or W?
The Coronavirus pandemic has hit America big time. With a head-spinning swiftness, the epidemic swept across the country with ruthless efficiency – first impacting densely populated urban areas (NYC, LA, Chicago), then spreading its tentacles throughout more sparsely populated regions of the country. It has extracted a devastating human toll, striking fear in the hearts of consumers, and brought a once bustling economy to a screeching halt…plunging it into recession.
We have never seen anything quite like this and for business owners and managers…we are truly in uncharted territory. With almost 85% of all Americans now subject to some form of Shelter-In-Place or Stay-At-Home order, everything except essential services, such as grocery stores and pharmacies, has been closed down – and most companies have seen their sales disappear. Will a fearful consumer complicate our recovery from this recession?
See more on what kind of rebound to expect…
[Read more…] about Fear Factor: Consumers’ Fear Suggests a Slow Recovery from RecessionMelrose Suspends Dividends, Cuts Executive Pay
Parent of Many Top CI Brands Steps in to Adjust for Impact of COVID-19
Melrose Industries PLC has announced it will suspend the payment of its usual year-end dividend in the face of the deteriorating economic environment as a result of the global spread of Coronavirus (COVID-19). Melrose, the U.K. turnaround specialist that is parent company of the U.S. based Nortek has taken other actions to adjust operations at its operating companies in the face of COVID-19.
Learn more about Melrose’s actions to adjust to COVID-19…
[Read more…] about Melrose Suspends Dividends, Cuts Executive PayStuck in COVID-19 Isolation? Country Music Star Says ‘Thank Goodness for Technology’
An astonishing 283 million Americans are stuck in some form of self-isolation or self-quarantine due to the fact that most states and cities have imposed a “Stay-at-Home” rule in the fight to snuff out the COVID-19 pandemic. This new reality in which we find ourselves means that almost all businesses (except for a few essential services) are closed – and millions of Americans are stuck at home with little or nothing to do. But what role does their technology play in this situation?
Thanks to Technology, we can all be connected…
[Read more…] about Stuck in COVID-19 Isolation? Country Music Star Says ‘Thank Goodness for Technology’Economic Data Deteriorates Rapidly in March
Unemployment Claims Jump to 6.6M; Mortgage Applications Plunged 24%
We are now beginning to see a rapid deterioration in economic data in the wake of the impact of the Coronavirus COVID-19 epidemic sweeping the country. Stunning new numbers are dropping at a rate never seen before and suggest we may yet have a long road to recovery. Unemployment claims skyrocketed to 6.6 million new jobless claims at the end of the month, and mortgage applications plunged 24% in March year-over-year.
See more on rapidly descending data…
[Read more…] about Economic Data Deteriorates Rapidly in MarchAs Overall Economy Hit by COVID-19, Layoffs Hit Tech as Well
AudioQuest Announces Downsizing
A relatively large number of readers and industry sources have reached out to Strata-gee with word of cutbacks and layoffs at various industry brands – as the impact of coronavirus (COVID-19) takes its toll on the U.S. economy. As was reported in a post just a few days ago, jobless claims jumped dramatically – by 33% in just one month – only to be exceeded a few days later by a massive jump in claims of 3 million more unemployed workers.
Now we are beginning to see layoffs in Tech…
[Read more…] about As Overall Economy Hit by COVID-19, Layoffs Hit Tech as WellWith Recession Certain, What To Do Now
8 Steps to Recession-Proof Your Business
Most economists have come to the conclusion that a recession is imminent – if not already here – as the drive to stamp out the novel coronavirus (COVID-19) has businesses being shut down and employees sent home. Many of these employees are either being officially laid off, or effectively laid off if they are hourly workers. Unemployment claims have already jumped and based on estimates from people way smarter than me – are going to go way higher soon. So now what do we do?
See logical next steps in a recession…
[Read more…] about With Recession Certain, What To Do NowEmerald Cancels All Trade Shows & Events for First Six Months of 2020
Status of CEDIA Expo Remains in Doubt
Emerald Holding Inc. (NYSE: EEX), formerly known as Emerald Expositions Events Inc. – a national exposition company that is home to both the CEDIA Expo and CE Pro magazine – has announced that they are postponing all events for the first two quarters of 2020 due to the rapid spread of the global pandemic Coronavirus (COVID-19). Given their position as one of the largest producers of B-to-B trade shows in the U.S., this is a major development with huge impact on the various industries their shows serve.
Learn more on this major Emerald move…
[Read more…] about Emerald Cancels All Trade Shows & Events for First Six Months of 2020Audio Design Associates Location in Yonkers is Closed
When last we heard from Audio Design Associates just this past December, the company had put out a statement to industry media that a company shutdown was likely imminent. This was shocking news from a company with a long and venerable history as both an integrator and a well-respected manufacturer of custom integration gear.
Now, we learn from a Strata-gee reader that Audio Design Associates has apparently closed their location in Yonkers, NY …
See more on the status of Audio Design Associates’ Yonkers location…
[Read more…] about Audio Design Associates Location in Yonkers is ClosedB&W Letter to Dealers Confirms Gideon Yu and Greg Lee Leave the Board; Questions Remain
High performance loudspeaker manufacturer Bowers and Wilkins (B&W) sent a letter to their dealers last week addressing issues that have arisen recently, especially as they pertain to the management of the company. As is often the case with this company, the letter answered some questions…but raised others.