Missouri’s economy shows positive signs

November 25,2009

Moody’s Economy.com reports that Missouri is one of 11 states showing signs of emerging from the recession.

According to the economic forecasting firm’s November report, 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 was the eighth consecutive month in which 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 with the national rate of 9.5 percent. The jobless rate for the Columbia metropolitan area in September was 6.3 percent, the latest statistic available from the DED.

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, which makes 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, utilities and government have continued to decline.