Florida Chamber Foundation: Coronavirus is ‘Concern’ But ‘Not Anything to Panic About’ for Sunshine State

Dr. Jerry Parrish, the chief economist of the Florida Chamber Foundation, weighed in on Tuesday on how the coronavirus outbreak could impact the Sunshine State.

The Florida Chamber Foundation released a video segment on Tuesday in which Parrish talks about threats to Florida’s economy.

“Yesterday the Dow dropped by more than 1,000 points, companies are cutting their GDP forecasts, 30-year mortgages are at an eight-year low, manufacturers are idling their factories because of supply chain issues. All of this is having an effect on Florida’s economy, and it could continue. This is certainly a concern, but it’s not anything to panic about,” Parrish said in the video.

According to Parrish, Florida’s most vulnerable industries include:

  • International Visitors
  • Cruise Passengers
  • Imports/Exports
  • Manufacturing Jobs

The 10-year government bond, and the three-month T-bill are now showing an inversion.

“An inversion of the yield curve has been a reliable, but not perfect signal, of a future recession. This is one of the metrics that goes into the calculation of the probability of a Florida recession which is on TheFloridaScorecard.org,” Parrish said. “The probability of Florida being in a recession over the next nine months has now increased to 24.1 percent.”

 

 

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