Sapphire Reserve, reloaded... In March 2020, we were told to pack up our workstations. The next month, 14.5M Americans lost their jobs, driving up the unemployment rate to ~15%. The US suffered its largest quarterly GDP drop ever. Nearly two years later, America's largest bank is predicting that 2022 will be the year things return to normal. JPMorgan Chase’s predictions:
Recovery check-in... Thanks to speedy vaccine development, the pandemic is waning. Still, only 57% of the world's population has received a shot, and just 7.5% of Africa's population is fully vaxxed. Global Covid deaths this year surpassed 2020's total toll by June. And while Omicron cases have been milder than Delta so far, there's a lot we don't know.
We may never return to "normal"... even when the world recovers economically. The pandemic’s unprecedented human toll can never be reversed. It will be hard to forget how quickly our lives can be turned upside down. We see the world through a new lens now, and that’s affecting everything from job decisions to investment decisions.