State economy shows positive signs

by David Reed

November 17,2009

Moody's Economy.com reports that Missouri is one of the 11 states showing signs of emerging from the recession. According to the economic forecasting firm's report this month, Missouri's affordable housing prices and biotech research centers in St. Louis and Kansas City have helped the state's economy begin to move forward again.

October is the eighth consecutive month where Missouri's unemployment rate was lower than the national rate, according to the Missouri Department of Economic Development. Missouri's employment rate was 8.9 percent compared to the national rate of 9.5 percent. The jobless rate for the Columbia metropolitan area in September was 6.3 percent, but DED won't compile and release local statistics until next week.

Missouri's seasonally adjusted unemployment rate fell to 9.3 percent in October, while the national rate rose four-tenths of a point to 10.2 percent. During October, Missouri's total employment number increased for the second time this year.

Total (non-farm) payroll employment increased by about 4,000 jobs in October, making it only the second month of 2009 in which employment increased. The rates for October were seasonally adjusted. Job gains were concentrated in durable goods manufacturing, private educational and health services and professional and business services. But not everything saw an increase; trade, transportation and utilities and government have continued to decline.