Brian Neil, Michelle Meyer, Samuel Scardino discussed on Marketplace with Kai Ryssdal
All right so one other thing as i was talking about right at the end there would brian neil one other thing. That powell said that we wanted to dig into he said in essence every new wave of the virus has had less and less of an economic impact and while it certainly does hope. That's true with this. New wave was also obliged in this business to report it out. Marketplace's abry mentor. Has the big picture look at a recovery. Perhaps we don't know maybe at risk. We can't understand the economy without understanding the virus and this variant is a hard one to figure out. But here's some things we're learning i. It's far more contagious than the original. Second you can get it and spread it even if you're vaccinated but it is really unlikely to cause serious. Illness vaccinated people. I think the real concern this unvaccinated once melina is merely ever is head of life. Sciences research at ihs market so emerging evidence. Still but it seems to be pointing in the direction of who they should he say. Hi severi disease people unvaccinated so there are two ways. This could slow. The economy governments could restrict consumers again or consumers could restrict themselves. God lebanon is an economist with the conference board. He in general more hesitant to to go out and about and spend particularly older people. He says who spend disproportionately on certain industries think cruises for example some local governments have introduced mask mandates but so far not much more than that. Michelle meyer is head of. Us economics at bank of america. Really think of this more as bomb then a permanent destruction of growth largely because a decent number of people are fully vaccinated around fifty six percent of those age. Twelve up samuel scardino rex. Pathogen surveillance at the rockefeller foundation. He says we're still learning about delta. But we do know one thing for sure. The vaccines are still highly effective at preventing severe disease and death even against the delta burien so the vaccines are as important for the economy as they are for people's health in new york. I'm sabrina ashore for marketplace. Or it if that was the economic and epidemiological macro there is a micro version of the delta varian story to do as well and a lot of places workers have been trickling back into their offices since the beginning of the summer a handful of hybrid employees at a in new york for instance the occupancy rate for commercial office space in the second quarter was double what it was in q. One downtowns are actually starting to feel a little bit like downtown's again and then delta came along and google and lift indeed an apple or just some of the companies that have pushed back there back to the office plans twitter reopened for two weeks. And then shut down again. And here's the catch. All of those companies and thousands of other companies making similar decisions. All across the country are surrounded by businesses that depend on people actually coming to work marketplace met levin. Has that one real estate lawyer. Steve mcdonald has been fled building near downtown san francisco for thirty years. He loves his suite of offices. They're home attached to the place. 'cause i designed it and you know. Got the fancy tapestries fireplaces and stuff like that which is why at a meeting yesterday. His law partners approached him. Very delicately and They were kind of sensitively. Me we'll see. How do you feel about even up the whole place. When we talked to mcdonald's a few months ago he was still trying to sublet his extra office space. Now he's okay giving it up and the twenty three thousand a month in rent this gotten you know much less likely that we would return to twenty nine nine normalcy. Laurie albert is worried about that too. She covers the new york. Market for commercial real estate company cushman and wakefield. You know. I hope that it doesn't go back to what it was a year ago because you know it was. Things were progressing. Momentum was building and and hopefully that will continue to be the that a theme j. house has gotten pretty used to revolving office reopening dates. They manage coffee cultures. Just a block from twitter. San francisco headquarters. The company may expand its food menu to lure more local residents. But how says those tweets have the money to spend on their daily cup of coffee and pastry. So our business will do a lot better with that.