Clearly something has changed.
Include the Relief Rally in your New Year resolutions because clearly something has changed.
Yes, Covid-19 is still expanding its grip and is likely to spike in the wake of Thanksgiving in late November. We are sad to see this terrible situation. But vaccines could begin to roll out even before the end of the year—vaccines with high efficacy that can, as the doses are made available to more and more people, slow and perhaps even stop the disease. We are all getting smarter, too, about the intermediate measures of social distancing, frequently using hand sanitizer, and mask-wearing. Even last week Anthony Fauci suggested that we may be able to set aside our masks by Q3 next year.
So that is one reason for a sense of relief.
The stock markets were quick to pick up on these green shoots of hope, sending pharmaceuticals among many other sectors into strongly positive territory in November. The Dow Jones Industrial Average hit a record 30,000 peak. Retail sales look to have strengthened, too, particularly on line as consumers began to spend some of the cash they saved during prior lockdowns. Kiplinger for example, forecasts a modest 3% gain for retail sales in the US for all of 2020. Airlines must have felt a sense of relief as well as travelers travelled in spite of the risk in higher numbers over the Thanksgiving holiday period. Additionally, energy stocks rallied in November on the expectation of increased demand going forward, though the long haul may still favor renewables over petrochemicals.
So that’s another reason you may be feeling relieved.
And apparent resolutions to the simmering post-election turmoil in the US has also contributed to a sense of relief, even for those who did not support the winner. There is still a long way to go until the inauguration in January. Senatorial races are occurring in Georgia and the confirmation of key roles in the in-coming administration.
One face though seems to be calming markets and will therefore probably attract less debate, and that is Janet Yellen. She has a reputation for being accommodative during her time at the Federal Reserve. Yellen is expected to continue her fiscal stimulus pursuit once confirmed. This is another source of relief. The yield curves on treasuries certainly point to low inflation and an adequate money supply.
So perhaps the outlook for 2021 is beginning to improve.
What does that mean for you and your career search?
It means that others will have noticed this, too, and begun to search for that better career move as the market continues to improve. On the other hand, there will certainly be further layoffs and closures—Disney announced another 4,000 jobs cuts, for example, reaching a total of 32,000 layoffs at theme parks as that industry contracts in the short term.
What about your New Year resolutions? Will it be more of the same nail-biting in 2021? Or worse yet, a Covid-19 induced lay-off or other financial restraints? Or will you harness the market opportunity and step aboard the relief rally to finally achieve those ambitions in a more promising industry, with a more interesting, more highly compensated position—perhaps even better work/life balance?
Don’t wait until the new year to formulate your resolutions or you may find yourself at the wrong end of the queue.
While Covid-19 raged, the Barrett Group helped more than 120 executives fulfill their dreams of a better professional life in a new position. We excel at helping candidates rethink their objectives. We help them understand their transferrable skills because we’ve been helping high level managers recalibrate and retarget their careers now for 30 years. The Barrett Group can help you, too.
Step on board the relief rally. Make your resolutions and call us today!
Peter Irish
CEO
The Barrett Group
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