Chief economists say the pandemic has permanently changed the U.S. workforce

Key findings

• More than 70% of respondents expect the number of employees working in offices will never return to prepandemic levels. 
• Respondents cited a lack of child care; school closures; employees opting to work from home; lingering health concerns; and fears of contracting the virus as factors preventing a large-scale return to the office.
• Some 47% of respondents expect an increase in the number of consumers returning to high-density activities after vaccines are distributed en masse but that this number will be nowhere near prepandemic levels.
• Over 90% of the participating economists expect a lasting or permanent negative impact on the hotel industry, and 83% expect the same for the airline industry, due to changes in consumer behavior and expectations.
• Some 86% of respondents favor a vaccination requirement for travel, a return to physical offices and the reopening of crowded events such as movies, plays, concerts and sports. This figure is a significant increase compared to SIFMA’s midyear survey.
• Less than half — 43% — view the continuation of COVID-19 safety measures as a drag on the ability to return to normal.

Macroeconomic trend forecasts

Authors

Kanika Sinha

Kanika is an enthusiastic content writer who craves to push the boundaries and explore uncharted territories. With her exceptional writing skills and in-depth knowledge of business-to-business dynamics, she creates compelling narratives that help businesses achieve tangible ROI. When not hunched over the keyboard, you can find her sweating it out in the gym, or indulging in a marathon of adorable movies with her young son.