Business owners struggle as 2nd wave hits US

Two small business owners on how they're faring in this economy.
7:42 | 10/29/20

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Transcript for Business owners struggle as 2nd wave hits US
She must you'll Wear your fitness industry was one of the most hardest hit industries on this pandemic. Just the sheer amount of cancellations we've been getting over the last two months. Based on people's fears. You know I just my day sometimes still just replying to customers even two months after opening that wanted to cancel their membership because they realize that the general tobacco they're free to go back. You know we know the as a place that you get a you know not only how physically fit but mentally fit on this this you know being dormant for all this time. This is not doing for anybody pigeon is a good safe fun place and being. And now we'll see beckons 121 pitch didn't talk to see the leafs. We were close for the first five months now rubio didn't would have limited staff. I have to work double time. In the kitchen. Dishwasher and cleaning and doing everything. To make sure that we could just deal with limited but we had to feel we have so many people. But we try to Meet the Press today things have changed gymnast we just don't count the same customer base. Of course diner on the inside. Even knew which opened people are still over the past and it didn't I'm cautiously optimistic. I would see what happens with the Bernanke's. It will be interesting to see what happens. We're heading to meet your holiday season where a lot of you're still in need of the next couple of months and if things remain to see if you can help the parties in the celebrations in the New Year's. You kind of have to see what happens and then hope you live in new concept will be able to make a little of the the revenue would take delivery and experience it. The optimistic we're obviously in the I'm. Our territory. Those are just a couple of small business owners still struggling during this pandemic but we did get some good news on the economy this morning new numbers shows 751000. Americans. Applied for unemployment benefits last week still a very high number but the lowest we've seen since March. The US economy also grew a record 33 point 1% last quarter. That's the biggest rise in history though very much worth noting it also followed the biggest drop in history the previous quarter. Cutting economy is a major talking point in the presidential race just five days away from Election Day so let's take this conversation. Two or virtual roundtable joining us today business economics correspondent Deirdre Bolton and political director Rick Klein good afternoon to vote thanks for being here Deirdre. What is numbers tell us how devastated the economy there's not a lot to unpack here so what to. Business owners like the ones we just heard what should they be seeing in these numbers. Dad may have a hard climb ahead but I will bring out there are some bright spots personal spending a what we are all spending does it seem to be remarkably holding up pretty well. That's two thirds of our economic act CB. You also have businesses that are investing and housing that's doing well that's in large part thanks to the Fed's work keeping rates low why is that important ages means that any kind of borrowing is cheaper. On the other hand though this is a backwards looking number two it really reflects this third quarter GDP when we were coming out of lock down when we began to spend more money when we began to feel a little bit more comfortable. Especially in the northeast as summertime warmer temperatures. So this number is backwards looking he really represents that coming out from lock down and then a huge piece of the puzzle here. It also happened while most Americans were receiving a stimulus that I obviously is no longer a factor. Long story short most economists and in speaking with say listen. To get tax increase the virus Crete lockdown levels for the US economy to be on an even keel. We are here and very moderate low growth for a very long time fan. And Rick. Super V that's what president trump and drug administration are calling this there they're saying this is a rocket ship economy now. Have put him in charge and everything will be all right. Joseph you've been telling us how stable this race has been for months nothing seems to a budget could this be the news. That president trump is looking forward to change the dynamic of this campaign which seems to be gone against them. He's definitely going to be talking how to fight and it already has been in Terry if this is about undecided voters I could see this being something that might push them. In a particular direction late but of course the election really is it about. Undecided voters so many voters already tens of millions already cast their ballots and so many more say they've already made up their minds. Hot bottom line though and I think this is probably true months ago as well. If this election is about the president's handling of hope it nineteen in the pandemic is probably loses if it's about his stewardship of the economy. City to closely make a case of people who have. I've begun to see incense the recovery fit he's got a fighting chance and I think that probably is the strongest message he has over the last couple days the question is whether the number. Confirms the way people are experiencing the economy are living their lives right now that's what makes any particular data point a potentially troublesome. And tear on that point you know you so that the GDP numbers looking backward so. How do you factor and how the economy is doing right now besides just looking at the stock market like what does it mean to. The average American at home. It's and you gave one great indication earlier we had those initial weekly jobless claims figure coming in. Better than what most economists had expected but still always so stubbornly high and we're just class telling here this is dean 32. Week in a row. That we are staying at this level and I think when you speak to most Americans. You know the problem is that 40%. Of the workforce. At one point or another and sometimes depending on the industry the person president has had to apply for benefits crew. One time two times in three times since we started vis a lockdown so I think for most people and just simply comes announcing do I have a job. Do I feel like I'm fairly compensated can I paper what I need to pay for. The basics and then anything action of course goes into that economic calculation of gross. And Rick how this goes politically who as they look at those very basic things in their lives of voters do. Didn't give it counterargument what's Biden's best case to be the Steward of the economy and where is the president we gotta be good reason to think of it the other way. Of I think for Vice President Biden is to say look even if he were to concede that things are getting a little bit better for things that good for you personally at the beginning. That tax cut that was so heralded what did it do for you personally. Where you any more secure in your life in your livelihood did you feel. Like you personally find your community was better off given all of the disruptions and all of the other things even before Colvin. If president trump wants to talk about the economy before Bob Joseph Biden has been argument for that and I think. Four for president trumpet this time the reason that you see the different images the he'd really. Ties back to the pork campaign campaign messaging and who they want to be as president the fact that the president will go out there in these big rallies right now despite. Another called it wave and this fact that don't Joseph Biden is out there and much more limited fashion. Talking about the importance of vigilance and that's where it entirely different visions of where we are at this moment and where they would take the country and that's president. And you could see that there is you're speaking Rick that was president trump live at his rally in Florida today. And a lot of his Florida supporters there without masks packed together that is. The trump rally perfect picture of it Rick thanks very much and Deirdre Bolton as well for taking us inside the economy and its impact on the campaign.

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