WTAW Interviews Dennis Jansen on Local Economy

May 10, 2022
Summary: Last week, Dennis Jansen gave an interview to WTAW radio news on the latest Economic Indicators report, including the local recovery in employment and inflation.

As highlighted in the report, employment in various industries has either reached or surpassed pre-pandemic levels. “The Leisure and Hospitality industry took a terrible hit on employment nationwide, in Texas, and in our local area. In our local area, Leisure and Hospitality employment levels fell to around 60% of what they were before the pandemic, early on. But they’ve recently recovered back to almost where were we were before the pandemic - 97.7% of the employment level of February 2020,” said Jansen.

February’s Business-Cycle Index also rose above its pre-pandemic high to 218. Jansen explained, “The increase in the unemployment rate and the fall in the number of employed caused the index to plummet [during the pandemic] and [now] the decline in the unemployment rate and the increase in the level of employment have caused the index to rise.”

Although these data are cause for good news, inflation continues to affect the College Station-Bryan economy. “People don’t like inflation – it reduces their purchasing power…it also causes price difficulties. When you see the price of something go up, you say that that item has become more expensive relative to the cost of other goods. Often, consumers with substitute away from goods that are becoming more expensive to others that are cheaper, but during inflation all prices are going up. It’s just a question of which ones are going up faster,” said Jansen.
 
Listen to the full WTAW interview here.