Banaian; 20-24 Year Age Group Working Less [PODCAST]
St. Cloud State Economist and Dean, School of Public Affairs King Banaian joined me on WJON today. He says the national data indicates that the age group of 20-24 is working less than that age group worked in 2019. Banaian says the shortage in workers doesn't appear to be with teenagers as that age group is back working at a similar level to what they worked in 2019. Banaian says contributing factors as to why 20-24 year olds are working less include the increase in hourly wages, the lack of a need of a 2nd or 3rd job, and many people this age living at home with their parents. Listen to our conversation below.
Banaian says many 55-plus individuals chose to get out of the work force during the pandemic which has contributed to the worker shortage. He says the stock market has been good enough and he speculates that led to many older Americans to retire a bit early.
Gas prices in St. Cloud vary from $2.74 a gallon to $2.84 as of this morning. King says he still expects gas prices to swell to close to if not above the $3 dollar mark by 4th of July week. He says this appears to be the trend unless something unexpected happens in the next few weeks that to push us closer to $3 a gallon gas before the end of the month. Banaian says air travel is still not back to 2019 levels but has improved greatly in the past few weeks.
King Banaian joins me monthly on WJON.