Did You Catch a Financial Virus?

As we look back to the beginning of the year — a lifetime ago, it seems — the economy was healthy and growing, the U.S. stock market was rolling along in a bull market approaching 11 years’ duration, unemployment was at levels not seen since the end of World War II, and personal income and veterinary practice revenues were increasing.

Then, the pandemic arrived. The world economy slowed dramatically for 10 to 12 weeks — even longer in some parts of the United States — and unemployment rose to heights not experienced since the Great Depression. Financial markets suffered a heart attack. The S&P 500 peaked on Feb. 19. By March 23, only 33 days later, it had dropped by 34%, the fastest decline of 30% or more since the Great Depression. Now we’re in a recession.

Learn more in our latest article in Today’s Veterinary Business. Click here to read it.