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Home » Economic » Economic Conditions

A Report on

Source: ded.mo.gov
Topic: Economic Conditions

Sort Desciption: economic conditions. By 2004 labor markets began to improve as U.S. payroll employment grew and unemployment. (which had never become high by historical ...

Content Inside: A Report on Missouris Economic Condition July 2005 A Report on Missouris Economic Condition Although overall economic activity has been expanding since the end of the recession in late 2001 it was not until 2003 that sustained rapid growth became established. Even then the economic growth shown by Gross Domestic Product (GDP) and other major economic data was not as evident in the nations labor markets which strongly influence perceptions of overall economic conditions. By 2004 labor markets began to improve as U.S. payroll employment grew and unemployment (which had never become high by historical standards) began to diminish. In Missouri employment leveled off some in the 2 nd half of 2004 with continuing problems in the telecommunications and air transportation industries plus the effect of government fiscal difficulties taking a toll. Following January 2005 when wintry weather and a temporary automobile assembly layoff caused some employment drops Missouri employment began to climb. Through June employment has grown strongly in the state more strongly in fact than in all but six western states. The states unemployment rate which peaked in January has decreased and is now at its lowest level since early 2003. Missouris economy has so far weathered high petroleum prices with travel and tourism appearing to have a strong summer. The states automobile industry has avoided major cutbacks going into the summer even though its product mix is geared toward SUVs pickups and minivans. Substantial incentives by the automakers including the employee pricing promotions now offered by all of the Big Three have buoyed up sales in recent months. All in all the first six months of 2005 have been a strong economic period in Missouri. 1 Gross Domestic Product 2 Gross Domestic Product (GDP) is the broadest measure of economic conditions in the U.S. Output has been expanding since the recession ended in the 4 th quarter of 2001. For several quarters after the eco ...

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