Local Economist Shares Positive Job Outlook Amidst Economic Worries
Recession is not looming in the United States. That according to St. Cloud State Economist King Banaian. He says consumer spending has not waned despite tariffs. Banaian says the unemployment rate nationally is at 4.3% and is 3% in Central Minnesota. He says these numbers are low and he expects the 3% local number to stay in that area for awhile. Banain says between the spring and summer the unemployment rate goes up a little bit and goes back down during the holidays because of the retail shopping season. Banaian explains many employers are looking to hire and he expects employment to grow in the coming months.
Economic Concerns
Banaian says most people have concerns over inflation, business conditions, and consumer sentiment. He says the news makes it sound like things are going badly economically but most people still have the same amount of money at their disposal. Banaian says domestic travel is still high and so is international travel. International travelers coming into the United State is down.
Banaian's New Governmental Position
King Banaian recently was appointed by Governor Tim Walz to the campaign financial and public disclosure board. The campaign finance board oversees campaign contributions to political candidates. He says the public has the right to know who is involved in funding campaigns. Banaian says they monitor what lobbyists give to campaigns and the amount of money given by any specific person. Banaian says his responsibilities on this board continue through January of 2028. When this position was created, a seat for a former Democratic legislator and a former Republican legislator were a part of it. Banaian is a former Republican legislator. That position came open and Banaian was encouraged to apply. He did and was appointed.
If you'd like to listen to my conversation with King Banaian, click below.