Week 3 Discussion Board
Below is a list of the “official” Stock Market Sectors. For this week’s Discussion entry, | want you to think of 3 questions (below) as it relates to Covid-19 restrictions. In addition, reply to 2 other classmates to support or challenge their thoughts!
- Which sector do you think was negatively impacted immediately after strong Covid-19 restrictions were implemented in the US and around the globe? And Why (be analytical with concrete examples)?
- Which sector do you think was positively impacted immediately after strong Covid-19 restrictions were implemented in the US and around the globe? And Why (be analytical with concrete examples)
- Which sector do you think had no impact immediately after string Covid-19 restrictions were implemented in the US and around the globe? And Why (be analytical with concrete examples)
Week 3 Discussion: Stock Market Sectors
The covid-19 pandemic had a very drastic effect on the lives of individuals as well as different sectors of the globe. Not only did it have a major impact on public health, instead, it also caused a major economic shock over the world. As a result, I believe that out of the given sectors listed, the industrial sector of the US and worldwide had a very negative impact. No matter whether it’s the tourism industry or leisure, all of them had faced major economic and operational uncertainty. When the Covid 19 restrictions in the US and across the globe were at their peak, about 82% of the industries in the US suffered from various negativities. Out of which only 70% of the industries believe that they can be able to recover the level of their demands in a year and retain the position like before the Covid-19 pandemic (Fairlie, 2020). With the Covid-19 strong restrictions were urged upon the whole US and the industries were disrupted very badly. An example that shows the disruption of the industrial sector is that it found that unemployment in Las Vegas’s every industry majorly tourism and hospitality increased by 8% within 1 year from November 2019 to November 2020 which is about a 5% increase in the nation’s unemployment rate as a whole.
Next, according to me, the sector which has a positive impact after Covid-19 strong restrictions in the US and worldwide was communication services. The covid-19 pandemic and restrictions had pushed the world to become digitilized, therefore, the world had adopted various online mediums other than telephones and mobile phones to commute with each other. Communication services within the covid-19 restrictions have been boosted with the help of Zoom, Google Meets, and other video chat and conferencing platforms. Therefore with the introduction of Skype, Zoom, Google Meet, and other platforms, business executives can be able to host and attend meetings from their homes and comfort. Hence working from home had become trendy and it’s continued until now. As the schools were shut down, the teachers used school websites and applications to conduct online classes and e-learning programs. Therefore webinars and different education programs started to be hosted at the online level. I believe this because, during the Covid-19 restrictions and work-from-home applicability, I feel no struggle in communicating and attending online meetings with my managers and other business executives.
Lastly, I believe that the utility sector has no effect with the Covid-19 strong restrictions possessed in the US and worldwide. It is so because the utility sector works just the same as it was operating before the Covid 19 pandemic. It comprises basic utility services such as electric power supply, natural gas supply, steam supply, water supply, sewage removal, and many more. Even when the pandemic restrictions were at their peak, the consumers faced no problems in getting accurate power supplies, water supplies, and other necessities services. The disconnectivity of these services had only happened due to severe weather conditions or due to some fault, however, still, the authorities tried their best to restore these services as soon as possible (Adams & Reese, 2020).
Fairlie, R. (2020). The impact of COVID‐19 on small business owners: Evidence from the first three months after widespread social‐distancing restrictions. Journal of economics & management strategy, 29(4), 727-740. Retrieved on 25th August 2022, from: https://onlinelibrary.wiley.com/doi/abs/10.1111/jems.12400
Adams & Reese (2020). How Will COVID-19 Affect Vital Utility Services? Retrieved on 25th August 2022, from: https://www.adamsandreese.com/news-knowledge/how-will-covid-19-affect-vital-utility-services