St. Louis unemployment held steady at 5.6 percent this month as the number of job seekers kept pace with employment. The number of employed workers continues to be at post-recession highs.
1. 0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
1,220,000
1,240,000
1,260,000
1,280,000
1,300,000
1,320,000
1,340,000
1,360,000
1,380,000
1,400,000
1,420,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Total Employment
Unemployment
Office real estate implications
Office employment trends (12-month change)
St. Louis
Job growth/loss by sector (12-month change)
St. Louis
The office-occupying sectors added 7,000 jobs year-over-year, just below the
12-month average of 7,600 new payrolls for the metro. A diverse mix of
companies, both large and small, have announced expansion plans and
acquisitions this month. A positive sign for the region as it shows the diversity
in the area’s growth.
Expect employment expansion to continue. For example, in the recent Federal
Reserve Burgundy Book it was reported; “Business contacts surveyed are
moderately optimistic about labor market conditions through the fourth quarter
and first quarter of 2015. About 35 percent of contacts expect employment will
be somewhat higher or higher than it was during the same time last year,
while about 60 percent expect employment to remain unchanged.”
Total jobs vs. Unemployment rate
St. Louis
Sources: JLL Research, Bureau of Labor Statistics
Peak: 1,392,645 jobs
3.1%
Office employment update
Metro St. Louis . March 2015
5.6%St. Louis unemployment
1.3%St. Louis 12-month job growth
5.5%U.S. unemployment
2.4%U.S. 12-month job growth
• St. Louis unemployment held steady at 5.6 percent this month as the
number of job seekers kept pace with employment. The number of
employed workers continues to be at post-recession highs.
• For the fourth consecutive month, professional and business services led
all super sectors in annual gains. The sector has steadily risen since
2010. As a result, the office vacancy rate has declined 200 basis points
since the beginning of 2010.
• Mining, logging and construction employment increased 8.6 percent
year-over-year which was fueled by an increase in building permits of
21.2 percent in 2014.
• Total U.S. nonfarm employment increased by 295,000 jobs in February,
topping consensus forecasts of 235,000 jobs. The private sector has
added 12.0 million jobs over 60 straight months of job growth, extending
the longest streak on record.
• Meanwhile, U.S. unemployment decreased 20 basis points to 5.5
percent, its lowest rate in seven years. One area of continued
apprehension among economists is wage growth, which remained
unchained at 2.0 percent year-over-year in the latest BLS report. In a
healthy economy, annualized wage gains are typically between 3.5 and
4.0 percent.
(10.0)
(5.0)
0.0
5.0
10.0
15.0
2010
2011
2012
2013
2014
Financial Activities Professional and Business Services Information Government
(2,300)
(1,000)
(700)
(100)
400
2,300
2,700
3,300
4,800
7,700
-6,000 -2,000 2,000 6,000 10,000
Government
Trade, Transportation & Utilities
Information
Manufacturing
Other Services
Financial Activities
Educational & Health Services
Leisure & Hospitality
Mining, Logging & Construction
Professional & Business Services