By MIKE MCCOY
Statesman Staff Writer
The 5.6 percent unemployment rate in Stoddard County sits just below the average for the southeast region of Missouri, but higher than the national average of 5.4 percent for the period ending September 2015. The average unemployment rate in the state is 5.7 percent, while the average in the southeast Region of the state is 5.8 percent.
The data was taken from the Missouri Economic Research and Information Center (MERIC). That data shows the region's unemployment rate dipped in August and September, but not enough to bring its average below the U.S. average for the year.
In September, however, all the region's counties were sitting at their lowest rates so far in 2015. The lowest unemployment rate was in Cape Girardeau County with 4.1 percent. The highest unemployment rate in the region was in Pemiscot County with 8.4 percent. Other county unemployment rates in Southeast Missouri were 6.9 percent in Dunklin County, 5.8 percent in New Madrid County, 4.9 percent in Scott County and 5.6 percent in Butler County.
Data from MERIC shows that the hotspots in Southeast Missouri are Cape Girardeau, Sikeston, Caruthersville and Poplar Bluff. That designation is based on employment, business dynamics, industry growth and residential housing.
The average weekly income in the Southeast Region is $625.
The average per capita income in Stoddard County, according to MERIC, is $35,393. Stoddard County has 12,356 employed while 727 were listed as unemployed.
John Mehner, president and CEO of the Cape Girardeau Area Chamber of Commerce and Cape Girardeau Area Magnet, said economists generally consider a four-percent rate to be full employment. It is not necessary for that rate to reach zero, because it accounts for frictional unemployment, or people transitioning between jobs, as well as structural unemployment, which occurs when workers are not qualified for the available jobs, according to investopedia.com.
"There's a lot of belief out there that somewhere between 3.7 and 4.2 is functionally full employment," Mehner said.
Mehner said the unemployment rate is "a good barometer, but it's not ever perfectly accurate." The number includes people who are out of work and seeking employment.
Once a person stops looking for work, he or she no longer is considered "unemployed" for purposes of calculating the percentage.
"What we know is that our unemployment rate is lower, and there are some local companies that have expressed concerns about finding qualified employees," Mehner said.
He said that's happening nationwide, not just in Missouri.
The Associated Press reported last month the average number of people seeking unemployment aid in the U.S. in the past month fell to a 42-year low.
The Labor Department reported Oct. 29 weekly applications rose just 1,000 to a seasonally adjusted 260,000, a low level historically that suggests employers are cutting few jobs.
The four-week average, a less volatile measure, dropped 4,000 to 259,250, the fewest since December 1973.
The figures indicate businesses remain confident enough in the economy to hold onto their workers. Growth slowed in the July-September quarter, but that has not spurred widespread layoffs, although some large companies have announced job cuts.
Hiring is typically healthy when applications are low. Many economists expect job gains to rebound after slowing in August and September.
Katherine Webster with the Southeast Missourian and the Associated Press contributed to this report.