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St. Cloud Area Quarterly Business Report, Vol. 22, No. 4, King Banaian, Richard Macdonald
St. Cloud Area Quarterly Business Report, Vol. 22, No. 4, King Banaian, Richard Macdonald
St. Cloud Area Quarterly Business Report
The St. Cloud area economy remains in recession as the uneven effects of the COVID-19 pandemic continue to plague the local labor market. While some local sectors are experiencing uninterrupted strong growth, the virus’ impact on the leisure/hospitality and other services sectors is creating historic existential challenges for some area firms. Overall local employment was 3.4 percent lower in October 2020 than it was one year earlier, but this is a clear improvement from what was seen in the June St. Cloud Area Quarterly Business Report (at which time an 11.5 percent year-over-year decline in area employment was reported). The …
St. Cloud Area Quarterly Business Report, Vol. 22, No. 3, King Banaian, Richard Macdonald
St. Cloud Area Quarterly Business Report, Vol. 22, No. 3, King Banaian, Richard Macdonald
St. Cloud Area Quarterly Business Report
While some sectors of the local economy continue to be devastated by the COVID-19 pandemic, many area firms are now beginning to recuperate from this spring’s shockwaves. Overall local employment was 3.1 percent lower in July 2020 than it was one year earlier, but this is a clear improvement from what was seen in last quarter’s St. Cloud Area Quarterly Business Report (at which time we reported an 11.5 percent year-over-year decline in area employment). In addition, published job losses in the Twin Cities (and across the state) are considerably worse than what is seen locally. For example, Twin Cities …
St. Cloud Area Quarterly Business Report, Vol. 22, No. 2, King Banaian, Richard Macdonald
St. Cloud Area Quarterly Business Report, Vol. 22, No. 2, King Banaian, Richard Macdonald
St. Cloud Area Quarterly Business Report
Events associated with the COVID-19 pandemic have driven the local economy into recession. As has been seen throughout the U.S. (and the world), the temporary closing of many area businesses has caused an economic shock that has torn through the entire economy. Nearly all data measures have turned south as the human toll of the coronavirus has extended beyond deaths and hospitalizations to unemployment, business closures, and uncertainty that spans virtually all sectors of the regional economy. St. Cloud area employment contracted 11.5 percent in April 2020 compared to one year earlier. All sectors of the local economy shed jobs, …