Missouri looking good in reports

A pair of reports crossed my desk last week that rank Missouri very favorably in comparison to the rest of the nation. One of those reports related to the state's economic recovery from the coronavirus from the initial wave of the pandemic, while the other pertained to career training.

Economic recovery

Based on unemployment data, Missouri is faring better when it comes to economic recovery from the first six months of the pandemic.

According to estimates provided by the financial website WalletHub, there were 127,907 unemployed workers in Missouri last month, about 46,000, or 55.9%, more than the 82,035 Missourians who were jobless in September 2019.

That percentage may sound high, but it's actually the eighth-lowest percentage increase of unemployed workers compared to all other states and the District of Columbia.

Not only that, but Missouri actually had fewer unemployed people last month than it did in January, when there were 132,261 jobless workers in the state. That's a 3.3% reduction in the number of unemployed workers over that nine-month period, ranking Missouri No. 1 in the nation in that category.

WalletHub also listed Missouri's unemployment rate last month at 4.3%, the fifth-lowest jobless rate in the nation. (The national unemployment rate in September was 7.9%.)

Overall, WalletHub says Missouri had the third-best recovery in September, behind only Nebraska and South Dakota, ranked first and second, respectively.

Apprenticeships

For the second year in a row, Missouri ranks second in the nation for completed apprenticeships, according to the Missouri Department of Education and Workforce Development.

A report issued by the department last week said Missouri had 3,388 registered apprenticeships completed in fiscal year 2020, more than any other state except California. Missouri currently has 13,560 active apprentices participating in 489 registered apprentice programs.

Through registered apprenticeships, workers gain on-the-job training through a paid work experience, classroom instruction and transferable credentials, while employers develop and prepare future workers.

The Missouri Department of Higher Education and Workforce Development (MDHEWD) considers apprenticeships one of the pathways to career success and last year the Office of Apprenticeship and Work-based Learning was established within the MDHEWD.

More information about apprenticeship programs in Missouri is available by going to the Missouri Department of Higher Education and Workforce Development's website, www.dhewd.mo.gov, and clicking on "Missouri Registered Apprenticeships" on the left side of the department's homepage.

Election economics

If you're wondering how next week's presidential election will impact the U.S. economy -- and your personal finances -- you're not alone. It's one of the top issues weighing on the voting public's mind in the days leading up to next Tuesday's vote.

I received a note on this topic the other day from Chris Schildz, senior vice president of media relations at Commerce Trust Co. in St. Louis. Chris and I have worked together on several economics stories over the past couple of years and he wanted to pass along some "election economics" insights from John Welsh, senior vice president and director of Commerce Trust's Family Office. It's his job to advise clients with regard to personal and family finances and issues that can impact personal wealth.

Welsh's perspective, in a nutshell, is that you can sleep better at night if you make a rational financial plan for any election outcome next week.

Chris sent me a link to Welsh's lengthy and detailed commentary about things you should consider from a financial perspective regardless of who's in the White House in January.

You can read Welsh's full commentary here.

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I also heard last week from Montgomery Bank executive vice president Jim Limbaugh, who shared insights from a weekly economics newsletter he follows.

The newsletter projected the U.S. economy will have a third-quarter gross domestic product (GDP) of about 33.4% and will more than make up for the 31.4% drop in the nation's GDP in the second quarter.

Several factors contributed to the GDP bounce-back, including car and light-truck sales that rose at a 246% annual rate last quarter, combined with increased business investment, residential housing construction and government spending.

"Add it all up, and we get 33.4% annualized real GDP growth for the third quarter," the newsletter projected. "We look for more growth in the quarters ahead, but nothing anywhere close to this pace."

Chili's to open in mid-January

Chili's, shown here under construction Saturday at the intersection of William Street and South Mount Auburn Road in Cape Girardeau, is slated to open in mid-January.Jay Wolz

Cape Girardeau's long-awaited Chili's Grill & Bar restaurant will open Jan. 15, according to a business license application filed last week with the City of Cape Girardeau.

The business, at 3093 William St., is on the site of an O'Charley's restaurant that closed about a year and a half ago and was demolished earlier this year. It is owned by Brinker Missouri Inc. in St. Louis.

The restaurant's parent company, Brinker International Inc., is headquartered in Dallas.

Pizzeria closes

As one restaurant (Chili's) prepares to open, another Cape Girardeau eatery, CiCi's Pizza, announced it was closing.

After 17 years in business on South Broadview in Cape, CiCi's owners Danny and Cassandra Hicks announced Thursday on Facebook the buffet restaurant would close Sunday.

Word spread quickly and there was reportedly such a turnout of customers the restaurant ran out of product sooner than expected and closed a day early.

"Thank you for all the great memories," the restaurant posted on social media Saturday night. "CiCi ya later."

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