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ST. LOUIS, MO (KTVI - FOX2now.com) -
Some top U.S. economists claim the recession likely ended months ago. But in St. Louis, it's a different story.
Everyone is keeping a close eye on those unemployment numbers due to be released Thursday. Federal officials say the recession likely ended earlier this year.
Job losses have slowed and even the fed chairman says the recession is over, from a technical perspective.
Butt technical perspectives don't mean much, especially for those unemployed.
And that continues to be one of the biggest problems for the economic recovery in St. Louis. Manufacturing used to be the areas biggest employer. Now that sector has lost more jobs than any other part of our local economy. According to economists with the Federal Reserve, the job losses in the St. Louis area will trail off, but job growth won't accelerate for another four years.
So even though the recession ended officially in the U.S. likely ended earlier this year, in St. Louis, it will probably be sometime next year.
"The forecasts are saying employment will be picking up in 2010, and the more optimistic ones have it as early as the first quarter," said Howard Wall with the St. Louis Federal Reserve.
Economists say that construction jobs in this area remain relatively healthy. But regaining jobs in the manufacturing sector are years away from coming back.
And that continues to be one of the biggest problems for the economic recovery in St. Louis. Manufacturing used to be the areas biggest employer. Now that sector has lost more jobs than any other part of our local economy. According to economists with the Federal Reserve, the job losses in the St. Louis area will trail off, but job growth won't accelerate for another four years.
So even though the recession ended officially in the U.S. likely ended earlier this year, in St. Louis, it will probably be sometime next year.
"The forecasts are saying employment will be picking up in 2010, and the more optimistic ones have it as early as the first quarter," said Howard Wall with the St. Louis Federal Reserve.
Economists say that construction jobs in this area remain relatively healthy. But regaining jobs in the manufacturing sector are years away from coming back.
