March 8, 2021

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The daily business briefing: February 18, 2021

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Twenty percent of business travel won’t return after the pandemic, and roughly 20 percent of workers might remain remote indefinitely, according to a McKinsey Global Institute report scheduled to be released later this week that was previewed by The Washington Post on Wednesday. Many economists warn that millions of jobs affected by the pandemic might not come back, because necessity forced companies to find ways to make do with smaller staffs, such as replacing some employees through automation. Travel cutbacks also will reduce demand for hotel, restaurant, and retail workers. As Federal Reserve Chair Jerome Powell warned in November: “We’re recovering, but to a different economy.” Susan Lund, head of the McKinsey Global Institute, said the changes mean “we’re going to need a lot more short-term training and credentialing programs.” [The Washington Post]

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