Banaian; Unemployment Could Change After August 1 [PODCAST]
The Federal Pandemic Unemployment Compensation Program (FPUC) which allows for those laid off or furloughed due to Covid-19 an additional $600 is set to run out July 31. St. Cloud State Dean, School of Public Affairs and Economics Professor King Banaian joined me on WJON today. He says for those receiving the extra $600 some may have decided it isn't worth it to return to work until after this expires, while for others they may not feel comfortable coming back after July 31 and for some their jobs may no longer be there. Listen below.
King says we are in a recession now and it's unclear how long it will last in large part due to Covid-19. He says the stock market remains strong.
King discussed how bars and restaurants are doing with limited capacity and outdoor seating and says some may have trouble making it through the pandemic. He says some retail will be fine but clothing stores, already in trouble, could be hit harder. He suggested that people may change their shopping habits by getting what they need fast and browsing less.
King says the housing market in St. Cloud is good and there is a shortage of homes in the $150,000 to $250,000 range. King says many people are using this time at home to fix their homes up and some are looking to upgrade and/or relocate.