Midwest Federal Reserve: What they’re hearing and watching for our economic indicators
With thanks to the 7 Rivers Alliance, the Minneapolis office of the Federal Reserve reported on what they are hearing:
- “COVID Job Shock”: there are very poor conditions based on the type of business
- All businesses are devastated. Revenue is down a minimum of 25-50%. The variety is based on when states opened
- Highest impacted industries:
- Financial institutions
- in March, 1:3 businesses said the cannot survive more than 1-3 months. Now it is 1:4. This is likely due to the Payroll Protection Plan (PPP) funds arriving.
- 75% of businesses have received aid
- Wisconsin Stats: $8 billion in PPP received in Round 1 with an average loan size of $200k. During Round 2, $1.8 bil received and average loan size of $70k. This means small businesses got funded during Round 2.
- See their dashboard HERE
- Restrictions on opening
- Consumer Confidence
- Worker willingness to return to work
- COVID vaccine being developed