In the past 24 hours, a slew of major companies have told employees they will no longer be expected back at their desks in September. Notably, that list includes BlackRock, Wells Fargo and other Wall Street firms that had been eager to turn the page on the era of virtual work.
"There's no upside to any of this," Mark Zandi, chief economist at Moody's Analytics, told CNN Business."The question is how serious the economic downside is." Airlines had been counting on the reopening of offices to spur a rebound in business travel after Labor Day. Business travel, the key to carriers returning to profitability, is still only at about half of pre-pandemic levels. If companies aren't confident enough to reopen their offices, they are unlikely to approve pricey travel plans.
These companies have already proven they can thrive in a remote environment. And some employees will be relieved to not trek back into the office and ditch their comfortable clothes for office attire. It's also worth noting that these firms aren't scrapping their office reopenings forever, just delaying them, in some cases for only a month.
Even if the Delta variant eventually slows the recovery, economists are not worried about another recession. Instead, they merely see a delayed recovery. That's because there is little appetite for a return to lockdowns.
What are you talking about All offices are already open!!
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