Data from Bloomberg’s economists say we are in a recession.
We’re starting to get familiar with how our lives are affected by the health issues inherent in this COVID-19 crisis but the economic consequences are just kicking in.
These economic issues are very likely even bigger than the health issues, at least in terms of how many people are affected. (17 million unemployment claims in 3 weeks is off the charts vs. anything seen since the 1930s.)
Shifting from crisis to recession
The advice out there from leading management consulting firms to CEOs is to first address their company’s liquidity, and hence keep the lights on. Once liquidity is sorted out, which will start happening for some companies in the next few weeks, the focus is going to change to how to ride out a recession.
Executives’ thoughts are going to turn to keeping costs down and driving efficiency gains. Some forward-thinking companies will be
