STRICTLY BUSINESS: PERRY COUNTY CAN BOATS OF IMPRESSIVE EMPLOYMENT

The unemployment rate in Perry County is 2.9 percent.

An impressive 93.1 percent of the county's 9,793 work force has jobs.

That translates into 9,505 jobs, with less than 300 (288) workers without jobs, and there are still some jobs available in the area.

In a recent Perryville newspaper were advertisements for a medical assistant, a nurse's aide, accountant, medical secretary and sales representative ... not to mention truck drivers, carpenters, assistant managers and shift supervisors for food establishment, carpenters and nursing home housekeepers.

The Perry County unemployment rate is indicative of the state, which fell to 3.6 percent in September, lowest statewide since May 1979.

More than 2.7 million people were working in Missouri in September, up by 7,300 from August. The agency said both unemployment and employment rates are in line with typical September seasonal changes. The Department of Labor and Industrial Relations said that 101,500 were unemployed in Missouri last month, compared to 122,000 without work in August.

The unemployment rate in the St. Louis area is 3.8 percent, lowest rate since the state began compiling statistics 23 years ago.

The new unemployment low came despite employment declines in outdoor recreation, restaurants and construction. Waged and salaried employment increased in the St. Louis area with school and school-related activities absorbing the lion's share of gains.

33,852 working in Cape County

Some 33,852 workers had jobs in Cape Girardeau County, which had a work force of 35,196 in September, translating into an unemployment rate of 3.8 percent. In Bollinger County, the rate was 6 percent, where 4,711 workers had jobs out of a work force of 4,012, leaving 301 without jobs.

Meanwhile, the U.S. economy has slowed during the summer, advancing at less than half last spring's torrid pace.

The Commerce Department reported last week that the gross domestic product, the total output of goods and services, rose at an annual rate of just 2.2 percent from July through September, compared to a 4.7 percent second-quarter increase.

Some economists welcomed the slowdown. They said it would help keep inflation in check and further postpone interest rate hikes by the Federal Reserve.

Federal reports on the state of the economy seem to support that view. In its latest national survey of business conditions, the Fed said the economy continues to expand, but "the pace of growth reportedly has slowed somewhat."

Some economists say they expect the 2.2 percent GDP increase of the third quarter to be followed by growth around that level in the fourth quarter as well.

Little change in area economy

The St. Louis Federal Reserve Bank, in its Beige Book Summary, reports that district economic activity has changed little over the past two months.

The Beige Book summary is a report on economic developments throughout portions of seven states, including Missouri, and is prepared for the St. Louis Federal Reserve Bank.

The St. Louis Federal Reserve Bank has branches in Little Rock, Ark.; Louisville, Ky.; and Memphis, Tenn. The district includes all of Arkansas, Eastern Missouri, Southern Illinois and Indiana, Western Kentucky and Tennessee and northern Mississippi.

The Beige Book, said Charles B. Henderson, who helps compile the information for the book, can best be described as a "collection of views compiled from various business and community leaders throughout the district," The book is issued six times a year.

The Beige Book report, said Henderson, is not an in-depth report. The Federal Reserve uses it as one of many tools to help determine money policy.

The report indicates that sales and employment levels are generally up, and inventories for the most part are near desired levels.

Contacts from around the district continue to report tight labor markets. Residential construction permit levels are ahead of last year, with recent upticks in most areas.

Prices received by District milk producers are up substantially during the past 12 months. Record rice yields have been reported in many areas, especially northern Arkansas, and some District cotton producers report a higher-than-usual outbreak of boll rot.

Employment gains, sales up

Reports of sales increase, employment gains and plant expansions throughout the District far outnumber reports of declines and closures, although there have been some closures.

Striking McDonnell Douglas machinists voted to accept the company's contract offer in mid-September, allowing 6,700 striking workers to return to their jobs after more than three months of striking. To date, the strike by Canadian auto workers against General Motors has had little effect on District manufacturers and parts suppliers.

A paper products company, poultry processor and package delivery services have announced expansion resulting in additional employment. However, companies in the apparel industry have announced some layoffs. As many as 900 apparel jobs could be eliminated in the District before year's end.

The largest bank in the Eighth District -- Boatmen's Bancshares -- has agreed to merge with NationsBank of North Carolina. Precise employment consequences of this merger remain uncertain. Plans call for St. Louis to be the headquarters for the bank's western operations and to house the combined company's trust business.

Most companies relying on data about inventories state that current levels are either at, or slightly below, desired levels. Some companies, including carpetmakers, furniture manufacturers and textile producers have reported recent declines in raw materials.

Sales of new and existing homes have slowed in parts of the District. However, the number of construction permits of new homes was up in August in more than half of the District's 12 metropolitan areas.

Some builders in the southern part of the district are behind schedule, or unable to take on new projects, because of lack of workers.

On the agriculture front, corn and soybean crops have reached full maturity. The pace of the corn and soybean harvest in parts of Illinois and Indiana are below normal. However, in all other areas, harvest is ahead of schedule.

Parts of the Arkansas cotton crop have been afflicted with boll rot. But Arkansas rice yields are the highest on record. Other cotton areas in the region -- including the Bootheel of Missouri -- report only slightly higher-than-average boll rot this season.

B. Ray Owen is business editor for the Southeast Missourian.