In an incredible new survey released Monday by the National Association for Business Economics (NABE), a clear majority of NABE members are now predicting a “sharp rebound” in the economy.
ABC World News Tonight, CBS Evening News and NBC Nightly News ignored reporting the results of the survey during their broadcasts last night. Their ongoing blackout of good economic news has been disgustingly brazen.
The survey of 104 NABE members conducted July 2-14, 2020 was headlined “NABE Survey Shows Last Quarter One of the Worst Since Global Financial Crisis, But Sharp Rebound in the Three-Month Outlook.” The survey found that respondents “‘report a significant snapback in expectations from the depths reached across nearly all categories in April,’” according to NABE Business Conditions Survey Chair and Harvard Kennedy School Senior Fellow Megan Greene.
Greene said the results suggest “‘that the economy and business operating environment are no longer on quicksand after the COVID-19 lockdowns in the United States and elsewhere.’”
Specifically, the survey found that two-thirds (66%) of the “panelists expect real GDP to increase from the second quarter (Q2) of 2020 to Q2 2021, including 16% who expect real GDP to increase more than 6%.” The survey said the “consensus outlook” on the economy improved considerably in July compared to the previous survey. [Emphasis added.]
Fox Business, which had reported the July 2-14 survey results, said that this was “a turnaround from three months ago when 70 percent of them had predicted that the economy would shrink over the next 12 months.” The survey was taken during a “period when coronavirus cases were starting to spike in many parts of the country after businesses had re-opened,” Fox Business said.
Other impressive results in the survey included how “[t]he shares of respondents reporting skilled and unskilled labor shortages shrank significantly from the April 2020 survey.” Shockingly, a whopping 85 percent of respondents said their firms can “’stay afloat’ for longer than 6 months without federal government assistance.” This was up from “74% in April.”
The majority of respondents (74%) indicated “that their firms have not applied or will not apply for Main Street Lending Program loans. Only 4% have applied for a loan or are considering it.”
MRC News Analyst Nicholas Fondacaro contributed to this report.