Technomic: Potential Economic Shock from Coronavirus Pandemic is Unprecedented
There is wide disagreement about whether COVID-19 will be an economic shock with a sharp recovery or if it will pull the economy into a sluggish recession. The previous worst quarter in U.S. history for GDP was Q2 2009, immediately after the economic crash. That quarter, the GDP dove by 3.9%, a fraction of the projections we are seeing as a result of COVID-19. The economic shock from this event is unprecedented.
Consumer spending on foodservice continues to drop. For the average consumer, Technomic research suggests that spending has declined by an estimated 45% from a typical week in February, with further planned reductions expected to come. Consumer demand is still present in the marketplace, but as the pandemic has heightened and concerns have grown, a new normal is setting in. Shelter-in-place and social distancing actions have resulted in...
To Read Full Story Login Below.
Submit comment or question
Note: All comments are displayed with user's screen name. If screen name is not present, user's full name will be used. Please go to My Account to update your screen name.
Comment Policy: Urner Barry has made the comment feature available to encourage further discussion of our news stories. Defamatory or offensive comments, or comments deemed not relevant to the story will be removed, and if necessary, Urner Barry may restrict the right of individual subscribers to offer comments. In all cases, comments represent opinions of the poster only, and do not represent fact, news, opinions or estimates put forward by Urner Barry.
Email Address is required. Password is required.