Implications: If it turns out that the recession has returned, we at least have the advantage of realism, this time around. (When the last recession hit, lots of people were shocked. This time, they won’t be.)
A major tenet of Elm Street Economics is that whether the nation as a whole is in recession, technically, matters less than current mood and financial state of the customers you serve. Your customers decide whether they are in recession… not Washington or Wall Street. Are the folks in your city or suburb adequately employed and their incomes are reasonably stable? Or do the people in your trade area continue to feel the strain?
One should not ignore the macro-economic issues facing our country. But accept that there’s little you can do about that, and focus instead on the micro-economies (the households) you serve. Measure your offer to meet the local climate, and adjust your messaging to suit the current mood.