Economists: Job growth slower in St. Louis than other cities

Print
Email
|

by KMOV.com Staff

KMOV.com

Posted on June 25, 2014 at 5:11 PM

Updated Wednesday, Jun 25 at 5:33 PM

(KMOV.com) – A new study shows St. Louis has been adding jobs at a slower rate than the rest of the nation.

The Federal Reserve said the national average for job growth is 4.7 percent, while St. Louis rate for growth is a t 1.8 percent.

“In the St. Louis area, growth has been slower than Kansas City, so trying to pin it on the state may be a bit of a challenge,” said Charles Gascon with the Federal Reserve Bank of St. Louis.

Gascon said it is difficult to pin the slow growth on a single cause. However, Gascon said it could be due to slow population growth, and losses in manufacturing and construction. Despite the numbers, Gascon told News 4 job growth is starting to pick up.

“We’ve seen the construction sector pick up nationally and now we’re starting to see it pick up in St. Louis. Seems to be a sign that business investment is picking up,” Gascon said.

The Fed said it expects job growth in the financial services and the business staffing industries.

Print
Email
|