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Missouri economy grows as unemployment plummets

Missouri’s economic rebound from the Covid pandemic continues to lead the country. Figures released Wednesday by the Missouri Economic Research and Information Center show the state’s unemployment is now 6.9%. That rate is more than 30% lower than the national unemployment rate average of 10.2%.

Missouri’s economic resurgence through the Show Me Strong Recovery Plan has nurtured the creation of thousands of new jobs in the state in recent months. Companies with laudable job growth include a St. Louis company Accenture Federal Service’s adding 1,400 high-paying tech jobs and the Kansas City area online pet product supplier Chewy’s new fulfillment center adding 1,200 new jobs.

With seasonal adjustments, the report said the Show-Me State added a whopping 52,200 jobs in July.

“Missouri’s recovery plan has momentum and shows no signs of slowing down,” stated Janelle Higgins with the organization Missouri Partnership.

“The Show Me Strong Recovery Plan’s success shines a spotlight on the state’s friendly business climate. With one of the lowest corporate income tax rates (4%), a revamped customized training program designed to ensure companies have the necessary workforce, and affordable real estate, Missouri is a safe, low-cost choice for businesses,” Higgins stated in an email to Metro Voice.

At the current rate of job creation, it may be only two months before the state is back to pre-Covid lockdown job levels. Almost 190,000 jobs were created in the last two months.

According to the report, the service industry led statewide job growth adding more than 43,900 jobs. The goods-producing industry added more than 8,300 jobs last month.

The US Bureau of Labor Statistics said in its most recent report released on Aug. 7 that nationwide employment rose by 1.8 million. It resulted in a nearly 1 percent drop in the nation’s unemployment rate.

Economists believe that at current levels, and if states continue to open up, unemployment will drop below 4% in early 2021 – nearing record levels seen during the last two years under the Trump administration.

–Dwight Widaman | Metro Voice