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YOUR MONEY with MARK: The pandemic and the controversy surrounding unemployment

Financial Advisor Mark Grywacheski got into both topics and how they're impacting the stock market Monday, May 17th.

DAVENPORT, Iowa — Iowans will no longer get $300 extra in unemployment starting next month. 

It comes after Governor Kim Reynolds says she's ending participation in the federal program.

This news comes after US employers added just 266K jobs in April as hiring slowed, according to a report from the Associated Press. 

Financial Advisor Mark Grywacheski dug deeper into the unemployment report and the extra benefit running out in Iowa on Monday, May 17th. He says the benefit's really hurting small businesses. They're already at a disadvantage to giant retailers like Amazon, Walmart, and Target.

"Smaller companies can't compete on pricing with these larger retailers that have these 'economies of scale' that keep their prices low," Grywacheski said Monday.

Grywacheski says a labor shortage has made small business owners jack up salaries to try to attract workers, but their competition is the federal government, who can pay workers even more through their unemployment benefits than the small business owners can to get more employees back to work. 

Your Money with Mark airs in-between 5 and 5:30 a.m. every Monday.