Dr Christopher Thornberg from Beacon Economics shared his perspective about the "The Pandemic Recession" and the broader economy, national and local, for participants in last Thursday's learning session with the Southern California Chapter of CoreNet Global.
As featured speaker, he got rave reviews from members. One of the event reviewers told the chapter "Thornberg was a terrific and credible speaker. Very engaging with facts and charts to support his message. This should be an annual event."
Thornberg provided evidence that the economic recovery, separate from the disease progression, has already begun in earnest demonstrating a V-shape, although it is missing some segments, namely hospitality. Employment gains in May, June and July point to a fast recovery though we still are not back to pre-March levels. "When you look at the data, this appears to be the shortest recession of all time," noted Thronberg.
In his presentation he also delved into results in the corporate real estate sector in Southern California that show continued soft performance, most dramatically in the retail sector.
Thornberg founded Beacon Economics LLC in 2006. Under his leadership the firm has become one of the most respected research organizations in California serving public and private sector clients across the United States. In 2015, Dr. Thornberg also became Director of the UC Riverside School of Business Center for Economic Forecasting and Development and an Adjunct Professor at the School.