Wisconsin Department of Workforce Development Chief Economist Dennis Winters says the state has never experienced anything like what the COVID-19 pandemic has done to economy and workforce.
“The economy just tanked or crashed or just went south in the course of a month or two. And then immediately recovered, though not to the whole extent,” said Winters.
Winters says usually when the economy declines it’s over an extended period. In 2020, the U.S. economy dropped 31% in a single quarter and then rebounded 33% the next quarter.
“That’s the kind of thing that just pales in anything else we’ve had to look at,” he said.
Winters says the workforce hasn’t recovered as quickly as the economy has but says it likely will as people become more confident in returning to more normal activities.
“The leisure and hospitality, the bars and restaurants, the place where people congregate, that will come back with the confidence they have with getting out feeling safe. It’s kind of a race between fiscal health and the vaccine inoculations right now,” said Winters.
Winters isn’t sure what he calls the “next normal” will be, but he says with the rollout of the COVID-19 vaccines we are on the downhill side of the pandemic.
“There will be come changes coming forward. I think we’ll all be able to adapt and go forward as we feel comfortable,” he said.
It should be noted that health experts say people will need to continue wearing masks and social distance even after getting vaccinated.
But overall, Winter says there’s reason to be hopeful when it comes to economic recovery.
“Things are looking pretty encouraging going forward through 2021,” said Winter.
Winters will be breaking down the impact of the pandemic on Wisconsin’s economy and workforce at next week’s Science on Tap Minocqua.
He’ll also dive into ways the state can secure its economic future.
The presentation is March 3 at 6:30 p.m.
You can find a link to watch and participate on the Science on Tap website.
