Regional unemployment down, retail sales holding

The third quarter brought good economic news to Southeast Missouri as unemployment in the region fell slightly and retail sales continued to hold their own.

The Southeast Missouri State University quarterly Business Indicators report was released last week by the Southeast's Center for Economic & Business Research.

The report shows unemployment in the region at 7.5 percent, a decrease of 0.7 percent from the previous quarter due to seasonal factors.

Southeast Missouri's third-quarter personal income grew at a modest rate. The level of personal income in the region is nearing $29 billion, and continues to grow in the range of 3 to 4 percent.

"This is a bit low by historical standards since we would expect personal income to normally increase by 4 to 5 percent per year, but the continued weak performance of the labor market is keeping personal income growth lower than average," the report stated.

Retail sales also remain strong, in the range of $8.5 billion annually. In the third quarter of 2012, retail sales were down 1.3 percent, compared to the same quarter in 2011. However, during the last four quarters, retail sales are up compared to the same four quarters one year ago, growing to $8.41 billion this year from $8.31 billion last year.

In Cape Girardeau County, Southeast Missouri's retail hub, retail sales in the third quarter were lower than in the two previous quarters, but still higher than the same quarter in 2011. Retail sales in Cape Girardeau County in the third quarter totaled $326 million.

This slow, steady growth is encouraging, but shows the region has a way to go before it reaches prerecession levels.

* Steve and Theresa Meier of Meier Horse Shoe Pines provided this year's Missouri State Capitol Christmas tree. The couple transported the 12-foot white pine tree from Jackson to the statehouse last week. The first lady, Georganne Wheeler Nixon, presided over the ceremony Thursday to unveil the tree in front of Gov. Jay Nixon's office. The Meiers planted the tree in 2001 on their farm outside of Jackson. Though the drought affected many of their younger trees, because of its age and deep roots, the tree continued to thrive. Meier Horse Shoe Pines is located at 2146 County Road 330 near Jackson.

* Workforce Employment Solutions is conducting its annual Southeast Missouri Regional Wage and Benefit Survey. It has been one of the most useful and effective tools to evaluate regional wages and benefits in a confidential manner, said Joe Rozier, vice president of Workforce Employment Solutions. Last year Workforce began to offer the Wage and Benefit Survey in an online format to make it easier for companies to participate.

The information collected is shared only with participating companies and is kept confidential. Companies that would like to participate or learn more may contact Jenny Campbell at jcampbell@visitworkforce.com.

Southeast Missourian Business Editor Melissa Miller can be reached by email at mmiller@semissourian.com or by phone at 388-3646.