One of the biggest questions we all seem to be asking these days is: When are we going to start to see an economic recovery? As Boston, MA. begins to slowly reopen, moving forward in strategic phases, business activity will help bring our nation back to life. Many economists indicate a recovery should begin to happen in the second half of this year. Here’s a look at what some of the experts have to say.
Jerome Powell, Federal Reserve Chairman
“I think there’s a good chance that there’ll be positive growth in the third quarter. And I think it’s a reasonable expectation that there’ll be growth in the second half of the year…
So, in the long run, I would say the U.S. economy will recover. We’ll get back to the place we were in February; we’ll get to an even better place than that. I’m highly confident of that. And it won’t take that long to get there.”
Nonpartisan Analysis for the U.S Congress
“The economy is expected to begin recovering during the second half of 2020 as concerns about the pandemic diminish and as state and local governments ease stay-at-home orders, bans on public gatherings, and other measures. The labor market is projected to materially improve after the third quarter; hiring will rebound and job losses will drop significantly as the degree of social distancing diminishes.”
Neel Kashkari, President, Minneapolis Federal Reserve Bank
“I think we need to prepare for a more gradual recovery while we hope for that quicker rebound.”
We’re certainly not out of the woods yet, but clearly many experts anticipate we’ll see a recovery starting this year. It may be a bumpy ride for the next few months, but most agree that a turnaround will begin sooner rather than later.
During the planned shutdown, as the economic slowdown pressed pause on the nation, many potential Boston real estate buyers and sellers put their real estate plans on hold. That time coincided with the traditionally busy spring Boston real estate season. As we look ahead at this economic recovery and we begin to emerge back into our communities over the coming weeks and months, perhaps it’s time to think about putting your Boston condo purchasing plans back into play.
Boston Real Estate and the Bottom Line
The experts note a turnaround is on the horizon, starting as early as later this year. If you paused your 2020 real estate plans, let’s connect today to determine how you can re-engage in the process as the country reopens and the economy begins a much-anticipated rebound.
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Here’s something I’ve been thinking about regarding the stimulus package: Supposedly we got ourselves into this economic mess by spending ourselves into oblivion. Economists, financial advisors are telling us we should’ve behaved more intelligently with our money.
But the federal stimulus package will shower us with millions if not billions in tax cuts so we can, do what…. you know, stimulate the economy.
Can you see why I’m a little confused here?
From the Washington Post
There has been less emphasis on what we, as individuals, should do. President Obama ducked the question at his news conference last week. But logic suggest that we should be gluing those credit cards back together. The goverment is actually going to pay us to buy a new house or car. Borrow and spend, borrow and spend is what got us into this mess. Apparently borrow and spend will get us out of it.
Support President Obama and borrow and spend your money on a new Boston condo.
Any thoughts?
