2021 Economics

Economy 2021 Outlook

After this disaster year, we are all hoping for 2021 to give us some relief, economically and personally. Some economists are pointing to a brighter future, but it all depends on the virus and the presidential results. But so far, it wouldn’t hurt to at least hope for a better year next year. Here’s what 2021 will likely look like, and how to help the economy.

 

 Employment

First, jobs are making a slow but sure comeback. Many of them are blue-collar jobs, such as construction. As restaurants re-opened, the service industry boomed. Food and retail are one of the biggest contributors to the rising job market. This will counter the Federal Emergency Management Agency running out of funds to help support those still unemployed. Not surprisingly, medical workers surged. The consumerism of medical supplies and products has been a great contributor to our economy. Industry jobs are returning as well. It looks like all job types are rising, while hotel & hospitality stagnates.

 

Small Businesses

Pandemic or not, it’s tough running your own business. But, as people become more aware of big corporations’ greed, small businesses are getting more recognition. Dallas-Fort Worth and other cities are starting to see little mom and pop shops open back up. This is great for stimulating local economies, and better for middle and lower-class income. These are typically small cafes and barbers/hairdressers. Small businesses got hit the hardest, but they are determined to survive!

 

 The Economy

A recession hit when COVID-19 hit. Housing and gas prices went down, and general consumerism slowed. Thankfully, we will swing back upwards and not go into a depression. Economists mention that with jobs back on the market now, businesses and consumers alike could further pull the US out of the recession and keep us out. After months of cancelled vacations and tight budgeting, the nation is ready to get out and spend money again. Once travelling is back to normal rates, we could see international relations improve monetary conditions.  Most of next year will be spent on financially recovery. The unemployment agency and other agencies will work hard to regain what was lost in COVID-19 expenses.

 

So, how can you help with getting our economy back on track for a better fiscal year next year? You can shop at local businesses, or even online. The more money consumers pitch in, the more jobs can be created. Earn money any way you can and pay your taxes. While taxation may seem daunting, it only benefits us by giving us better schools and roads. And finally, stay in great spirits! The only way to have a brighter future for all is for more positive mindsets. Here’s an link further detailing what happened this year, and how it will affect next year’s economic state.

 

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