'Work-From-Home' To Dent Spending In Large Cities By Up To 10%, Study Says
'Work-From-Home' To Dent Spending In Large
Cities By Up To 10%, Study Says
BY TYLER DURDEN SUNDAY, MAY 02, 2021 - 04:35 PM
The work-from-home (WFH) experiment ushered in by the virus
pandemic will become more permanent, resulting in quieter metro areas, less
crowded office buildings, and a decline in traffic jams.
A new working paper titled "Why Working From
Home Will Stick" by UChicago researchers said the
days of an office-based 9-to-5 job is over as hybrid telecommuting and other
WFH technologies make remote working possible for millions of Americans.
The post-pandemic shift from the office to home will decrease
spending in major metropolitan areas by up to 10%, researchers Jose Maria
Barrero, Nicholas Bloom, and Steven Davis said. For more crowded areas like
Manhattan, the researchers projected consumer spending would drop by 13%.
So what about the economic revival policymakers and central
bankers keep promising us? Well, perhaps a robust recovery in city centers may
be an unattainable goal. Once again, office workers drive spending - and with
some of them working at home, longstanding consumer trends within many metro
areas will suffer permanent declines.
levels of WFH will present pointed challenges for urban areas, especially
cities with high rates of inward commuting by well-paid professionals in the
pre-COVID environment. As these workers cut back on commuting, they will spend
less on food, shopping, personal services, and entertainment near workplaces
clustered in city centers. In preliminary calculations that exploit our survey
data, we project that overall consumer spending will drop 5 to 10 percent or
more (relative to the pre-pandemic situation) in San Francisco and Manhattan
because of declines in net inward commuting and less spending near employer
premises. Their central business districts will see considerably larger
spending drops relative to the pre-pandemic levels," researchers
In July 2020, we first previewed,
via a KPMG International report, how WFH would impact the economy and result in
declines for "automakers, retailers, and industries directly or indirectly
related to transportation will take a massive hit for the next several
KPMG predicted WFH "accelerated powerful behavioral changes
that will continue to shape how Americans use automobiles. We believe the
changes in commuting and e-commerce are here to stay and that the combined
effect of reduced commuting and shopping journeys could be as much as 270
billion fewer vehicle miles traveled (VMT) each year in the US."
Without workers flooding city centers every morning and stacked
inside office buildings, metro areas will suffer a permanent drop in spending,
which means many service jobs will be lost and a labor market deeply scarred.
UChicago's researchers support the idea that WFH is accelerating
... and the million-dollar question is what does Wall Street
think about WFH?
So the combination of WFH and moving to the suburbs will leave
lasting impacts on city centers that will experience permanent declines in
consumer spending. So much for that robust recovery policymakers keep telling
World’s 1st remote brain surgery via 5G network performed in China Published time: 17 Mar, 2019 13:12 · A Chinese surgeon has performed the world’s first remote brain surgery using 5G technology, with the patient 3,000km away from the operating doctor. Dr. Ling Zhipei remotely implanted a neurostimulator into his patient’s brain on Saturday, Chinese state-run media reports . The surgeon manipulated the instruments in the Beijing-based PLAGH hospital from a clinic subsidiary on the southern Hainan island, located 3,000km away. The surgery is said to have lasted three hours and ended successfully. The patient, suffering from Parkinson’s disease, is said to be feeling well after the pioneering operation. The doctor used a computer connected to the next-generation 5G network developed by Chinese tech giant Huawei. The new device enabled a near real-time connection, according to Dr. Ling. “You barely feel that the patient is 3,000 kilometers away,” he said.
From Amazon to Wal-Mart, digital retail is producing more jobs and higher pay Written by Mitchell Schnurman, Business columnist May 30, 2017 Retail trade is one of the biggest job sectors in America, and the vast majority of those workers still clock in at brick-and-mortar stores. But the big growth is coming from e-commerce, which happens to pay a lot better, too. This is a promising development for retail workers who worry about thousands of store closings and the march of automation. E-commerce also offers a potential antidote to years of low productivity growth and income stagnation. “If this new pattern continues, it will raise real wages across the economy and rejuvenate the middle class,” said a report by economist Michael Mandel of the Progressive Policy Institute in Washington. By his definition, e-commerce includes online shopping, mail order and warehousing. That’s a more expansive category than usual and was created to capture the growth in what M
Too Much Power to the People? A Food Safety Site Tests the Limits Several national chain restaurants have been the target of complaints on IWasPoisoned.com since the site began in 2009. By KEVIN ROOSE FEB. 13, 2018 Dan Laptev, an electronics analyst, was making his way through the Charlotte, N.C., airport this month when he stopped at Starbucks for a light dinner — a ham-and-cheese sandwich and a cup of hot chocolate. He ate, drank, boarded his flight and got home. And that’s when the trouble started. Mr. Laptev spent much of that night hunched over the toilet with a violently upset stomach. Suspecting his Starbucks meal as the source of his ills, he sent a complaint through the company’s website, but got only an automated form email back. So he did the next best thing: He logged on to his computer and went to IWasPoisoned.com, a website that allows users to post reports of food poisoning, and submitted his saga. “I wanted to let people know to stop eating at Star