Thomas Traynor, professor of economics and dean of the Raj Soin College of Business, was interviewed by the Dayton Daily News about the reopening of the economy in the Dayton region and around Ohio and how long financial pain will linger for residents and businesses.
Traynor said there is a ripple effect through the economy. Businesses shut down or reduced production, reducing the supply of products and services. Demand fell as people stayed home. Incomes dropped for both individuals and businesses, and many fear that will continue, leading businesses to forecast continued decline in demand going forward, he said.
“Thus, most industries are impacted, and even many businesses that function in a virtual/remote environment have suffered lost business and have furloughed or laid off employees,” Traynor said.