How COVID-19 has Impacted our State and Local Economy
As more unemployment claims continue to be filled, and businesses temporarily close, we asked one local economist where he thinks Jonesboro is headed.
A-State Director of Economic Education and Financial Literacy, Philip Tew, says now is the best time to support places you want open when this is over.
“We have this shop local here in Jonesboro, I would say that is important during these times because you are going to see some of your favorite places that are local may be struggling,” says Tew. “May be not be here after this is over, so if you really wanna support them now is the time.”
Last week in Arkansas 9,275 people filled for unemployment in the state.
This week 26,944 people filed, that is 17, 669 more than last week.
Across Jonesboro we are seeing an economic hit not only due to COVID-19 but also due to the city’s recent tornado.
With only a handful of stores in town staying open with curbside delivery, we asked Tew says he could see a recession in the future but thinks Jonesboro will not be hit hard if that were to
We haven’t had these big booms like when other parts of the country and Jonesboro never really had that, and we never really had the lows,” says Tew. “The other part is Jonesboro is a hub for shopping during the region, so you’ll still have people come in from around the areas and even here. So, if there is a recession nationally, it won’t be as bad here as it would be nationally.”
Tew says if Governor Hutchinson does put that mandatory stay-at-home order into effect, he does not see unemployment to go out up much since most businesses have already closed.