Banaian; Some Job Loses Could be Permanent [PODCAST]
St. Cloud State Economist and Dean, School of Public Affairs, King Banaian joined me on WJON today. He says the unemployment rate is likely to stay in the double digits through the rest of the year but he doesn't expect our financial problem to approach the levels of the depression. Banaian says during the depression they didn't measure the unemployment rate but the depression also lasted for many years. Banaian expects this recession or economic downturn caused by Covid-19 to be temporary.
King and I discussed the impact Covid-19 is having on bars and restaurants and retail. Banaian thinks some people may have formed new buying habits that may not change with stores reopening. He also suggested that some people may not be comfortable returning to public places due to concerns over Covid-19.