Economy

SMU Market Trends: Virus Gives Rise to Surge of Emotions

July 12, 2020

Steel buyers are split on whether the government will need to shut down parts of the economy once again to get the spread of the coronavirus under control. In this week’s check of the market, Steel Market Update asked: Are you or your company concerned about the rising numbers of COVID-19 cases in the South and Southwest, and do you think another “pause” in the economy will be necessary? The majority expect the economy to forge ahead, but nearly 40 percent feel more drastic steps may be needed.

Respondents’ comments reveal widely divergent opinions on the virus crisis:

“So much misinformation from the media, feds and state governors. I wish we could get ‘the truth.’ In any event, the lid needs to come off or our economy may never recover.”

“I’m worried about another ‘pause.’”

“Another pause is unnecessary. Everyone will eventually get the virus, one way or the other.”

“Yes, we are concerned about the increasing numbers. No, we will not pause the economy in an election year. Money over health care costs.”

“If the mortality rate continues to decline, we should be OK. If by ‘pause’ you mean ‘economic disaster,’ yes, it concerns me. COVID-19 is not the bubonic plague.”

“I think another pause could be required, but I am not sure any state will pull back on reopening.”

“The death rate is still going down. Testing is readily available and free, so with the number of tests of people without symptoms, of course the positive test results are going to go up.”

“Trump won’t allow another complete shutdown.”

“It’s rising everywhere, not just the places you noted.”

“Concerned, yes, but I don’t believe manufacturing will shut down.”

“There will be some impact, hopefully lighter than before.”

“We have another year of COVID news ahead of us, if not more. We need to learn that business and life must happen for our well-being and the well-being of the economy. There may be times specific locations may have to close as cases increase.”

“I don’t see the need for a hard pause like we had to endure in the spring. I think a lot of companies are better equipped to deal with a spike in numbers this time around.”

“I believe we will go forward and not stop.”

“Testing has increased tremendously. Our local civic center is running tests two or three days a week for anyone, even without symptoms. Pausing the economy would be catastrophic.”

“It’s not a question of if another pause will be necessary, but when and for how long.”