The Economic Impact of COVID-19

Many people have been affected by COVID-19 in some way, some more than others. COVID is
still prevalent in our lives; however, the economy is starting to get back to pre-pandemic levels.
At the end of the Trump Administration, the Stock Market began to rise and continued to rise
under the Biden Administration.

Some of the most hard-hit industries were the hospitality, food services, airlines, and retail. The
hospitality industry was very hard hit because many people did not feel comfortable leaving
their homes during the pandemic. Now people are starting to travel again, but there is a worker
shortage across the country. During the summer, I spoke with a motel owner from the Jersey Shore.

He said he wanted to stay open longer but could not be due to not having any people to work for him.

We can all agree that food services and restaurants went through hardships during the height
of the pandemic, but things aren’t exactly perfect for them now. There are still people who are
hesitant to go out to eat (inside or outside) and even some restrictions remain in some areas.
Restaurants that want to get back up and running also can’t find anyone to work, which results
in restaurants closing.

Airlines have been through hard times as well. Many people are very hesitant to fly since
airplanes have air that cycles throughout the plane.

One other industry that was hit hard was retail. Many people find it easier to just order online
and get their packages right at their door. This is great for companies like Amazon, Walmart,
FedEx, UPS, and others, but it is horrible for retail stores. Many retailers are having to
compromise and switch to an online version of their store. This will result in job loss, fewer store
fronts, and other conflicts.

On the other hand, some companies flourished during and after the pandemic. Many of the big
box retailers were able to take over the marketplace due to small businesses being closed.
These stores have adapted to the new technological world, therefore being able to make large
profits. Shipping companies were then able to send the items from these stores to consumers
resulting in large profits for them as well.

One company that has especially flourished is ZOOM Video Communications, INC, who was able
to rake in a lot of many due to everyone being remote. Before the pandemic, ZOOM’s stock
price was $105; during the height of the pandemic, it was an astounding $559, and now it is
$267. Although the price dropped from $559 to $267, some can say that if it wasn’t for
everyone being at home using their technology that we may never have seen a price jump in
such a short amount of time.

One economic impact that is affecting you directly is the unavailability of goods. This is resulting
of an increased price of lumber, food, and other essential items. For these prices to go down,
we must find a solution. Right now, ships are stuck offshore not able to go to port. This may
even impact Christmas.

We cannot find cars right now either. For the juniors and seniors who just got or are getting
their licenses, it will be very hard to find a car. There is a shortage of essential microchips that
are needed to make the car run.

The government thinks they have a solution: speeding up ports by allowing ships to come in
and unload 24/7. Will this be the way to save Christmas from being gift less? We will soon find