After many businesses went under due to the coronavirus, some parts of the US economy are coming back strong. In some parts the economy is rebuilding and booming in a good way, but in other parts of the economy it is lacking tremendously. Federal Reserve Bank of Atlanta President Raphael Bostic recently said in an interview recently, "But in other segments, things like hotels and restaurants, small businesses, particularly in minority and lower-income communities, those places are seeing much more difficult situations.” Many hotels and small businesses across the globe have gone under do to the economy not boding well in their favor.
While the US has seen a boost in the economy, we are expected to see a spike inPositive COVID-19 cases in the coming months. This could turn out badly for the rebounding businesses but even worse for the businesses that have been heavily struggling. Congress aren't necessarily helping the situation also due to their failure to agree on a fresh stimulus package. This is expected to slow the labor market down, even though we have seen a terribly slow labor market as of recently. How long can America's economy suffer before jurassic measures are taken place?
https://www.washingtonpost.com/business/on-small-business/feds-bostic-cautions-that-us-economic-recovery-is-very-uneven/2020/10/18/36dc4498-115d-11eb-a258-614acf2b906d_story.html
I think with most economic downturns there always seems to be specific industries that get hammered worse than others. In this case the travel and tourism industry is being hit very hard. I think that we likely will not see much action being taken until around a year from now for that industry.
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