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Remember in
May when all of us were trying to figure out our “New Normal” during the
pandemic? Well, we can stop speculating, because six months in, the
“New Normal” is here. We’re living in it.
What have we learned?
Masks: We wear them all the time, especially in indoor public spaces where they're often mandated. They can lead to "enormous economic gains" by slowing the virus's spread, Fed Chair Jerome Powell said last week.
School,
having restarted across much of the U.S., is a patchwork of online and
in-person formats. NYC is the only major school district in the country
to opt for in-person learning in September—classes begin in two weeks.
- In higher ed, hundreds of colleges that had planned on bringing students to campus have reversed their stances and decided on a virtual semester. Temple University in Philadelphia just canceled in-person classes after students were on campus for all of two weeks.
Travel: People
are doing it, but not as much, and mostly on the ground. Air travel is
stuck at about 33% of pre-pandemic levels, and airlines are slashing fees to get people in seats.
- Closer to sea level, people are rediscovering nature. State parks in places like Wyoming welcomed a record number of visitors, while “remote stays” on Airbnb have almost doubled.
Sports: a
TV-only experience. Professional sports leagues have restarted
successfully (the vast majority playing without any fans), but in the
college world, several major conferences like the Big 10 postponed fall sports.
Entertainment: slowly creeping back. This weekend, Christopher Nolan’s Tenet became
the first major blockbuster to hit U.S. movie theaters since the
pandemic began, bringing in $20.2 million in North America. About 70% of movie theaters in the U.S. are currently open.
Work: It
depends on your industry. If you work at a big tech firm like Google,
chances are you’re going to WFH until the summer of 2021, or maybe
forever. But that’s not the expectation in other industries, such as
finance. Beginning yesterday, 50% of JPMorgan’s investment bankers will
be returning to their NYC or London offices.
Looking ahead...the
warm weather has allowed many socially distant activities, such as
outdoor dining, to continue. But winter is coming, and our New Normal
could look very different come Thanksgiving.
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