Trying to control the economic future depends on looking in the mirror at where data says the country was a few months ago and hoping you make the right adjustments, PN Economics Editor Bill Wood says.
In the April 25 Numbers That Matter Live webinar, Bill noted that the COVID-19 pandemic has led to unprecedented changes in the economy, such as the rapid rise in job openings that followed shutdowns in 2020. Economic policy decisions usually rely on incremental changes, but so far in the 2020s, it hasn't been "incremental; it's been dramatic," he said.
"This is going to be a time for deft company management, and it's going to be case by case," he said. "You have to identify what market you're in and what region you're in."
If your company is a medical supplier, then you'll need to make different decisions than if you were in residential construction, he said. And even within one industry, you may need to adjust depending on what sector you supply.
"We are on the cusp of a switchover in the auto industry," he said. "Which one of the parts are you making? Are you making one of the parts that's easily converted to an EV? Or a part that relies on internal combustion as a power plant? … Those are two very different subsectors in the economy."