Redrick Terry:
It is now time for, 4 Your Money. We’re joined by Bradley Fritz with NelsonCorp Wealth Management. Bradley, welcome back.
Bradley Fritz:
Thank you, Redrick. Good to be back.
Redrick Terry:
Absolutely. So the COVID-19 pandemic, of course, causing an incredible amount of economic turmoil, one of the biggest hits we’ve seen so far, those in the job market, so walk us through some of those numbers.
Bradley Fritz:
The job markets are, as we’ve heard reported, just devastating right now. Literally, off the charts for a history perspective. We’re seeing numbers that have never been reported before in the millions each week of unemployment claims.
Redrick Terry:
Well, talk about this surge in unemployment. Can we expect this trend to subside and if so, how long will it take?
Bradley Fritz:
Unfortunately, we don’t know how long it’s going to take. At some point it will subside, but I would not get too confident in the near future, at least for the next month or more. I believe we’re still going to see layoffs and furloughs is this economy still is very slow and it’s slow to get started again, so we’re going to see more downside.
Redrick Terry:
We still have a little bit of time left, so I’ll ask you what does this mean for the economy and investment accounts as a whole?
Bradley Fritz:
For the economy? This means more slow movement. Businesses are still reporting numbers, we’re still seeing furloughs and layoffs as I said, and unfortunately that affects the workplace and the worker. And that’s going to affect the consumer, which affects the economy, so it’s going to be a vicious… with unemployment numbers north of 20%, most likely, this next reporting, we’re going to realize the full effect of what that means to our economy.
Redrick Terry:
Certainly, and it’s something we’ll have to deal with for a while on. Bradley, thanks so much for joining us today. And if you missed any part of our discussion, we’ll make it available to you at ourquadcities.com.