SLU Simon Center for Regional Forecasting releases the 2014 Economic Outlook for the U.S. and Missouri

dsc0016-400Dr. David Rapach forecasts 41,000 additional jobs for Missouri this year

ST. LOUIS - The Simon Center for Regional Forecasting at Saint Louis University’s John Cook School of Business has released the 2014 Economic Outlook for the U.S. and Missouri.

U.S. economic growth is expected to improve in 2014 relative to recent performance. However, substantial slack is likely to persist in the U.S. economy for a number of years. Economic growth in Missouri is also expected to improve, but, like the U.S., substantial slack is also likely to persist in the regional economy.

Missouri is projected to add around 41,000 jobs this year, for employment growth of 1.5 percent. That would be a moderate increase from last year’s job growth of 34,000 jobs, or 1.3 percent. U.S. payroll employment rose 1.7 percent last year, and Dr. Rapach anticipates it growing 1.8 percent this year.

Summarizing the situation, Dr. Rapach said, “Although the economic outlook is improving, projected growth is still far from strong enough to restore the economy to full employment in the near future. It’s been at least five years since we’ve been near full employment, and, unfortunately, it looks like we’ll remain mired below full employment well into the future.”

The Simon Center for Regional Forecasting is a nonprofit academic research unit funded by an endowment generously supported by John Simon. Focusing on regional economic forecasting of the metropolitan St. Louis area and Missouri, the Simon Center provides avenues for community outreach, collaboration and partnership with businesses in the metropolitan area.

Using the latest advances in econometrics and statistical forecasting, the Simon Center provides quantitative forecasts of important economic variables, including employment, unemployment and real personal income, for the metropolitan area of St. Louis and the Missouri.

Visit business.slu.edu for more information and to read a report with the complete set of forecasts. 

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