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THE COLLECTIVE CONNECTION
Quarterly news & updates
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Our purpose is always to be here through your life's transitions -as you grow, and take on new opportunities... At the start of 2020, we decided to transition our business and take on a new opportunity of our own.
Since the beginning of TWTC, we have been renting our office in Northampton. We've decided to relocate our office to a building we've purchased a few miles down the road in Holyoke. This new space gives us more space, room for future growth, parking on site for our staff and clients, and easy highway access.
While this pandemic has certainly slowed things down - the building is currently under construction and we anticipate being in the new building in July. Once we get closer to our move in date, we will notify all of you with hopes to get together in our new space soon.
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We wanted to create a way to stay connected with all of you, and what better way than a YouTube Channel... YouTube is a great way to educate yourself on all things from 'how to reupholster a chair' to 'the best lemon blueberry scone recipe' to 'how to introduce my child to money'...(these are all things Caitlin looked up during quarantine).
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The process to creating a YouTube video was new to us all, we got the equipment, found the perfect lighting in our office, did a couple test shots and we were up and running!
We picked topics we thought both our clients, and the public could relate to...Greg shot the first video in his office, and from the lobby, we could hear take after take after take, and then bounds of laughter after completing a great take but then realizing he wasn't recording! Through the laughter, we've created four videos now, and plan on recording more very soon!
Click the button below to view our YouTube page and be sure to subscribe!
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In the past week, we had some mixed news on the coronavirus pandemic. Testing continued to rise, although improvement in slowing the spread rate and case growth seemed to stall. Further, the number of active cases started to grow again, a negative sign. Overall, conditions still remain much better than they have been in recent weeks, but we did not see much (if any) additional progress in controlling the virus.
When considering these results, it’s important to keep in mind that last week coincided with the start of the reopening of the economy and the loosening of social distancing measures in several states. In fact, the data shows that social distancing had been subsiding in many areas even before the formal loosening. So, last week represented the start of a new environment for the spread of the virus. One of the biggest concerns in that new environment was for a second wave of infections. This week’s pause in the reduction in new cases suggests there may be some effect. But so far, at least, the virus remains substantially under control. Let’s take a look at the details—including whether the reopening may actually be going better than expected.
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The Economy: Reopening Underway
Jobs market.
While layoffs continue, there are signs that the damage may have peaked and has started to recede. Weekly initial unemployment claims continue to decline from the peak, suggesting that much of the damage has already been done.
With the reopening, we should also start to see people moving back into work. One of the hardest hit areas of the economy, restaurants have started to come back in many areas. There is still a long way to go, but the process has started.
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The risks.
Although the reopening is going better than expected and is clearly having some positive economic effects, as we reopen we certainly face risks. The biggest of these is a second large wave of the pandemic. We have not seen that yet, though, which is a positive sign, as it suggests that most people are continuing to act in a safe manner. The real test will come in the next couple of weeks, however, when the full number of any new cases arising from the reopening will start to show up.
Another potential risk is that, even with the reopening, consumers will be slow to return and spending growth will not return to what was normal any time soon. This outcome seems possible, although the early signs are positive, with restaurants coming back faster than expected (as shown above). Another positive sign is that mortgage applications are almost back to 2019 levels, which would drive additional spending, and Google searches for vehicle sales have also rebounded significantly. While risk of a slow spending recovery still exists, early data shows that spending might come back faster than anyone expected.
The Markets: Reassessing the Risks
For the financial markets, now that the reopening is underway, markets have been reassessing the risks, and we have seen some volatility. While that risk remains, the good news is that as we get that data, markets will have a much firmer foundation. The past week’s data has been positive on the whole and markets have responded—a trend that will likely continue if the news remains positive.
Another Good Week a Positive Sign for Future
The real takeaway from this past week is that progress continues, to the point that a successful reopening over the next several weeks looks quite possible. We are not yet out of the woods, and there are certainly significant risks going forward, with a second wave of infections being the biggest. But the thing to keep in mind is that many of the biggest risks are moving behind us.
Another good week.
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From The Comfort Of Your Couch
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The world’s the limit — really.
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From
livestreams of animals
to
r
eading Harry Potter with celebs
, these activities will keep you entertained, informed, and hopefully put a smile on your face. And we all could use a smile right now.
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THE WEALTH TRANSITION COLLECTIVE
140 Main Street Suite 400
Northampton, MA 01060
413-584-1805
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Securities and Advisory Services offered through Commonwealth Financial Network. Member FINRA, SIPC, A Registered Investment Adviser. Fixed insurance products and services offered through CES Insurance Agency or The Wealth Transition Collective, Inc.
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