In the banking and capital markets outlook, our specialists note that banks can institutionalize lessons learned during the pandemic, including operating with agility, flattening hierarchies, speeding up decision-making, empowering employees, and introducing flexible workplaces and workforces. Across industries and sectors, many organizations managed to accelerate trends that were already underway during the global pandemic—trends such as digitization, the evolution toward customer centricity, a focus on shoring up business foundations (including talent), and the increasing willingness of organizations to embrace the idea of corporate social responsibility (CSR)—all trends that may bode well for the US economy’s productivity in 2021 and well into the future. He also studies the US economy, especially demographics, labor market, and consumers. Long-contemplated cost reductions, such as rationalizing store footprints and reducing business travel, can now be pursued in the name of responding to COVID-19. GDP has seen its steepest decline in several decades. There’s an undercurrent that emerged from within several of the industry outlooks we reviewed. Between February and May 2020, for example, employment for Asians in low- and medium-wage occupations fell by 36% and 31.5%, respectively. Get Full Access To Patricia's Info During 2001–2018—a period that includes two business cycles—the real median income of Black-headed households decreased from 66.2% to 61.8% of the median income of white-headed households. Patricia, Deloitte Services LP, is the managing director for Economics with responsibility for contributing to Deloitte’s Eminence Practice with a focus on economic policy. Given the expected severity of the depth and duration of the current recession,20 the increase in income inequality could be potentially large. This figure is higher than that for households where the head of the household was Asian (-7.6%), Hispanic (-7.5%), or white (-5.7%).15 As figure 4 shows, households with a white head fared better than those with Asian, Black, or Hispanic heads in the 2001–2002 recession as well. View in article, The National Bureau of Economic Research has set February 2020 as the end of the longest expansion on record and the beginning of recession. © 2021. “The economic fundamentals that influence consumer spending are aligning,” said Patricia Buckley, director, economic policy and analysis, Deloitte LLP, and author of the monthly Index. Copy a customized link that shows your highlighted text. View in article, United States Bureau of Labor Statistics, “Occupational Employment Statistics,” Haver Analytics, June 2020. Patricia Buckley started at Deloitte in September 2012 as the Director for Economic Policy and Analysis with responsibility for contributing to Deloitte's Eminence Practice with a focus on economic policy. View in article, United States Bureau of Labor Statistics, “Monthly Household Data,” Haver Analytics, June 2020. In the recession of March 2001–November 2001 as well, low-wage occupations bore the brunt of job losses. In 2020, businesses and governments struggled to figure out how to operate during a pandemic, but we also see significant evidence that many organizations made the best of a very difficult situation. Learn Fascinating Tidbits About Your City, With This Government Data Mining Tool It comes as no surprise that lockdowns, suddenly remote workforces, challenged distribution channels, and the closing of various brick-and-mortar locations would prompt organizations to expedite their digitization efforts, but Deloitte research shows that those efforts now are in hyperdrive. There are 300+ professionals named "Patricia Buckley", who use LinkedIn to exchange information, ideas, and opportunities. Today, ESG considerations are increasingly in demand by investors, and investment management firms are responding with growing numbers of product launches. View in article, Daniel Bachman, United States Economic Forecast: 2nd Quarter 2020, Deloitte Insights, June 15, 2020. And while the share of high-wage occupations in employment has gone up for all races over time, there is disparity within these gains. Some organizations seem to be taking advantage of the COVID-19 pause to dig deeper into digitization efforts, raise the quality of the relationships between customers and employees, rethink and reinvent business foundations, and start figuring out how CSR efforts can be better baked into business models and strategies versus serving as just HR- or PR-oriented community service initiatives. View in article, United States Census Bureau, “Current Population Survey (Table A-1: Households by total money income,race, and Hispanic origin of householder).” View in article, Real median household income data is available until 2018. Discover Deloitte and learn more about our people and culture. Patricia Buckley Director | Deloitte Services LP Patricia, Deloitte Services LP, is the managing director for Economics with responsibility for contributing to Deloitte’s Eminence Practice with a focus on economic policy. View in article, United States Bureau of Labor Statistics (sourced through Haver Analytics), accessed June 29, 2020; Deloitte Services LP economic analysis, accessed June 29, 2020. Deloitte - Global Economic Outlook 2015. In another recent piece,11 we categorized 22 broad occupations into three wage groups—low-wage, medium-wage, and high-wage—based on mean nominal wages in 2018.12 In the low-wage group, mean nominal wages range from US$12.30 per hour for food preparation and service-related occupations to US$18.84 per hour for production occupations. Patricia Aldyen Austin Taylor Buckley (July 1, 1926 – April 15, 2007) was a Canadian-American socialite, noted for her fundraising activities.She was the wife of conservative writer and activist William F. Buckley Jr. and the mother of writer Christopher Buckley, their only child. With Blacks and Hispanics disproportionately employed in low-paying occupations, which are likelier to have been disrupted by COVID-19 and generally suffer more job losses during recessions, the income divide in the United States will likely rise. In the past 30 years, the proportion of wealth held by those in the top 10% of household income has risen from 60.8% to 70.0%. View in article, Federal Reserve Board, “Distributional financial accounts,” June 19, 2020. Certain services may not be available to attest clients under the rules and regulations of public accounting. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. View in article, Buckley and Barua, Slow growth in wages: Is the reason occupational shifts?. Dan Vergano and Kadia Goba, “Why the Coronavirus is killing black Americans at outsize rates across the US,” BuzzFeed News, April 10, 2020. Employment in food preparation and serving-related occupations fell by a staggering 53.8% for Asians, 49.4% for Hispanics, 45.4% for Blacks, and 41.6% for whites between February and May. We will be joined by Patricia Buckley, Director of Economic Policy and Analysis, Deloitte US, who will provide the US view on the pandemic and the new administration. She regularly briefs members of Deloitte’s executive leadership team on changes to the US economic outlook and is responsible for the US chapter of Deloitte’s quarterly Global Economic Outlook and produces “Issues by the Numbers,” a data-driven examination of important economic policy issues. Patricia Buckley Managing Director for Economic Policy & Analysis, Deloitte Consulting. The people likely to suffer most, both economically and health-wise, during the ongoing recession are those who are engaged in occupations where the ability to socially distance from customers and from each other is extremely low. Patricia has 5 jobs listed on their profile. For example, those employed in food preparation and serving-related occupations have suffered greatly, as lockdowns and slow reopenings (with the continued need for social distancing) have led to a sharp drop in business for restaurants. The Deloitte Global Economist Network is a diverse group of economists that produce relevant, interesting and thought-provoking content for external and internal audiences. 10/19/2015 04:26 pm edt. With rising costs and razor-thin margins, the engineering and construction industry is looking to reduce costs via modularization and prefabrication design. Succeeding with digitization, customer centricity, strengthening business foundations, and embracing CSR all require the trust of all stakeholders involved, and the dedicated action of organizations and industries to promote and preserve it. Economic recovery is likely to be prolonged and K-shaped, meaning Incidentally, the two broad occupational categories mentioned above—food preparation and serving, and personal care and service—are also the two lowest-paid occupations, on average, in the United States. The annual figure is arrived at by averaging the figures for a year. The overall outlook is less than favorable. Social login not available on Microsoft Edge browser at this time. It’s not a distinct trend. Considering all these factors together, a worsening of income inequality along racial and ethnic lines during the COVID-19 recession is expected. She regularly briefs members of Deloitte’s executive leadership team on changes to the US economic outlook and is responsible for producing a series Our 2021 health care outlook notes that health care organizations continue to focus on increasing consumer empowerment; broadening the definition of “health” to include its spiritual, mental, and emotional components; changing the focus from acute care to prevention and well-being; and enabling seamless physician-patient and physician-physician interactions. This work continues in the new year. This could lead chemical companies to prioritize products based on circularity and carbon footprint, and to accelerate their decarbonization technologies, reexamine their existing assets, and begin to diversify away from hydrocarbons where possible. Deloitte’s 2021 consumer products industry outlook reports that industry players are adjusting how they segment consumers, prioritize channels, establish product portfolios, position their brands, and deploy service models. Social login not available on Microsoft Edge browser at this time. to receive more business insights, analysis, and perspectives from Deloitte Insights. The data is non-seasonally adjusted and is provided monthly. And as figure 6 shows, it is again low-wage occupations that are suffering the most in the current downturn. Get the Deloitte Insights app. The Network's industry and economics expertise allows us to bring sophisticated analysis to complex industry-based questions. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its netw ork of member firms, and their related entities. Between 2010 and 2019—roughly the period of the previous economic expansion—the share of high-wage occupations went up by only 3.2 percentage points (ppts) for Blacks and 3.4 ppts for Hispanics, lower than the increase among whites (3.9 ppts) and much less than the increase among Asians (8.2 ppts). DTTL and each of its member firms are legally separate and independent entities. Within each racial and ethnic group, employment in low- and medium-wage occupations fares worse than in high-wage ones during recessions (figure 6), which likely drives up income inequality within these groups as well. As a result, the vast majority indicated that go-to-market is a top investment area. Previously, Patricia was the Managing Director, R&I at Deloitte Touche Tohmatsu. Four in five companies surveyed indicate that resetting their go-to-market strategy is critical to meeting their 2021 objectives, but only half of the respondents rated the current maturity of their related capabilities as high relative to industry peers. Join our next fortnightly COVID-19 webinar on Thursday, 28 January, at 13:00 GMT where Ian Stewart and Karen Taylor will give the latest UK public health and economic updates. This is likely to push up inequities among Asians in the near term. Rather, it is a foundation on which the success of the rest of the trends rests: restoring and improving trust. View in article, Edward R. Berchick, Jessica C. Barnett, and Rachel D. Upton, Health insurance in the United States: 2018—Tables, Table 5, United States Census Bureau, September 10, 2019. For example, in the economic expansion between 2010 and 2018,16 the gains in real median household income for Black householders were lower than the gains for householders in the other three racial groups. View the profiles of people named Patricia A Buckley. How is the pandemic influencing organizations’ 2021 strategic agendas? In the first half of 2020, space investments remained strong at US$12.1 billion,1 and the momentum for investments should remain solid in 2021 as well. While the high-wage group includes the occupation with the highest COVID-19 risk—health care practitioner and technical occupations—the other occupations in this group are at fairly low risk. There are also significant income disparities between races and ethnic groups. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. A podcast by our professionals who share a sneak peek at life inside Deloitte. This website uses cookies so that we can provide you with the best user experience possible. A podcast by our professionals who share a sneak peek at life inside Deloitte. Putting the consumer at the center of health care model innovation can help health care delivery organizations reduce or eliminate many of the challenges arising from today’s delivery models. Black workers may have yet another employment trend in the current downturn to worry about. And with accelerating digitization comes increasing digital access. Issues by the Numbers, Deloitte University Press, July 12, 2017. Please enable JavaScript to view the site. My colleagues and I reviewed Deloitte’s 2021 US industry outlooks—research, trend analyses, and executive interviews that map out what public and private leaders can expect in the coming year—and, irrespective of sector, we see an expectation that these trends likely will continue to develop at an accelerated pace. Pandemic-induced pressures have accelerated the retail industry’s focus on re-evaluating its very foundation. Patricia Buckley started at Deloitte in September 2012 and serves as the leader of the firm’s economic team. Patricia Buckley Managing Director for Economics for the US firms About Patricia Patricia started at Deloitte in September 2012 and serves as the leader of the firm’s economic team. Again, the extent and seriousness of the pandemic has meant not only a shock to demand, but also to supply, with many businesses remaining closed or operating at reduced capacity due to social distancing measures. But until we see how this recession plays out and the nature of the eventual recovery, we will not know if this rise in inequality will be a temporary blip or a slide onto a longer negative trajectory. The likely outcome of this combination could be an increase in income inequality that is borne in large part by minority communities. 1,546 records for Patricia Buckley. Posted on October 12, 2017 by AM. The engineering and construction industry outlook found that 26% of E&C executives in a Deloitte postelection survey indicate that they are increasing their use of prefabrication and modular products. During this webinar, Dr. Patricia Buckley, Managing Director of Economics, Deloitte will provide an update on the current economic outlook, discuss how the construction markets will be affected, and preview how COVID-19 will change future work environments. Please see www.deloitte.com/about to learn more about our global network of member firms. Telecommunications, Media & Entertainment, Go straight to smart. Join Facebook to connect with Patricia A Buckley and others you may know. Between 1989 and 2019, household incomes for Black families averaged 63% of that of non-Hispanic white families, while Hispanic families averaged 72% of non-Hispanic white families’ income, with these percentages remaining relatively stable.9 And inequality does not exist only between different racial or ethnic groups; over time, it has gone up within these groups as well. Contrast this with the 0.5% gain in employment for Asians in high-wage occupations during this period. COVID-19 put many structural, logistical, competitive, and talent issues under the microscope, prompting organizations across the public and private landscapes to turn their attention to shoring up supply chain weaknesses, rethinking processes and cost structures, and reinventing talent sourcing and management. Twenty-eight Deloitte CFO surveys, covering more than 60 countries, are conducted on a quarterly, biannual, or annual basis. We have already seen some of this diversification with chemical companies exploring additional end markets post–COVID-19. Certain services may not be available to attest clients under the rules and regulations of public accounting. See something interesting? Pressure coming from stakeholders ranging from citizens to shareholders intensified in the past year, hewing closely to the recommendations of the Paris Climate Accord. Deloitte US Economist. It is interesting to note that in the previous recession, employment in these two occupations largely increased among each race, except for Asians. The real median income for Black-headed households fell by 10% during 2007–2010—a period that covered the previous recession. In the United States, minority groups have disproportionately suffered from COVID-19’s health impacts, as many of the health factors that put people at greater risk from the disease (such as diabetes, heart disease, and obesity) are more prevalent in minority communities.1 Further, socioeconomic factors such as poverty and lower rates of private health insurance point to a reduced ability among many minorities to cope with the pandemic’s health impacts. The investment management outlook notes that targeted environmental, social, and governance (ESG) investing has progressed from being a niche offering to becoming a mainstream product. View the profiles of professionals named "Patricia Buckley" on LinkedIn. DTTL and each of its member firms are legally separate and independent entities. Economic outlook: What is on the horizon Patricia Buckley. And it is employment in these occupations—and similar lower-wage ones—that have taken the biggest hit. Given the disruptions that many manufacturers have faced this past year, increasing flexibility in global supply networks naturally is a top business priority for impacted firms. The network's industry and economics expertise allow it to bring sophisticated analysis to complex, industry-based questions. Deloitte’s oil and gas industry outlook notes that apart from enabling remote operations and driving human-machine collaboration, digitization has an important role to play in setting near-term emissions targets, using standardized and credible reporting, and tracking accountability across integrated value chains. Our aerospace and defense industry outlook notes that the space industry is likely to experience increased opportunities, primarily in satellite broadband internet access. This appears to be a once-in-a-career opportunity to rebalance the cost structure for retailers that were battered by lockdowns and the economic effects of the pandemic. The move toward personalized service delivery is highlighted in the government and public services industry outlook, where many organizations are shifting to citizen-tailored services, taking cues from their commercial counterparts; reinventing service delivery by anticipating citizen needs; and shifting from a traditional department-based model to a life events approach. Discover Deloitte and learn more about our people and culture. COVID-19 seems to have helped crystallize the urgency of the energy transition and the industry convergence it entails. Organizations could have hunkered down and used the COVID-19 pause to hit pause on their own initiatives, but our research shows that, instead, many organizations pushed through their pandemic response and recovery efforts to quickly focus again on how to thrive. Dr. Patricia Buckley. Patricia, Deloitte Services LP, is the managing director for Economics with responsibility for contributing to Deloitte’s Eminence Practice with a focus on economic policy. Deloitte’s managing director for Economics, Patricia Buckley (Deloitte Services, LP), provided a lay of the land on the broader economy and the fresh business during this pan-demic. DTTL and each of its member firms are legally separate and independent entities. Figure 5 also shows that Hispanics have suffered a greater percentage of job losses than other groups during the ongoing downturn this year. Interoperability and health care partnerships also will continue to rise in priority because patient care and health outcomes can improve by automating, aligning, and integrating connections among all data sources, functions, and stakeholders. Strategies for sourcing and managing talent also continue to evolve. But where Buckley sees risk, others see healthy revving of the corporate engine. Webinar Presenter: Dr. Patricia Buckley, Managing Director of Economics, Deloitte The pandemic also has accelerated the importance of contactless government and public services, so we expect to see innovation continuing in this space over the coming months. Simply select text and choose how to share it: COVID-19’s impact on US income inequality: It’s going to get worse before it gets better

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