An Arizona State University economics professor is predicting a slow state recovery.
Lee McPheters with the W.P. Carey Business School says the way to get through the economic crisis is with continued stimulus.
“It’s the consumer that’s going to bring us out of this downturn," McPheters said. "And they’re going to be using funding that is coming from fiscal policy, aid for the unemployed, loans to small business, all of this is expected to really kick in around the third quarter.”
McPheters says while the economy is expected to turn a corner in July, the state’s unemployment rate will still be in double digits, at nearly 10%, by the end of the year. He predicts that the 2021 unemployment rate will drop, but still exceed 2019.
