The New Normal in the Services Sector

How far are we from normalization? Yeah, that's a really important question. And to answer that, we need to look at different sectors. For example, look at the airline industry, the restaurant industry, the hotel industry and ask where are occupancy rates relative to the capacity of those industries. The main issue with that question is that capacity in a lot of these industries, for example, in airlines, has actually declinedrelative to the capacity that we had in 2019.