Low unemployment rate in region brings opportunities, challenges

Cape Girardeau County's 1.9 percent unemployment rate is low, and while that's great news for the economy, it brings its own set of challenges to employers in the region, officials say.

Cape Girardeau Area Chamber of Commerce president and CEO John Mehner said of the unemployment rate, released by the Missouri Economic Research and Information Center, or MERIC, as of October 2018, the comparative rate is "unbelievably low, maybe record low."

That means of the people who want to be working, a significant number are working, Mehner said.

Of course, the unemployment rate doesn't measure other factors, such as under-employment or people who aren't in the workforce at all, but, Mehner said, it's a good benchmark to measure month to month, year to year, the region's unemployment rate.

By MERIC's data, as of October 2018, Perry County's unemployment rate is 1.7 percent, Bollinger County's is 2.5 percent, and Scott County is at 2.4 percent.

"During this kind of a labor market, employers are looking for people any way they can find them, and employees are evaluating the jobs they have," Mehner said.

Mehner said any industry, from hospitality to retail to manufacturing, is experiencing competition with the other employers in that sector.

Experienced workers are moving from one company to another, taking with them institutional knowledge and company-specific training, Mehner said, seeking better wages or working conditions or benefits.

Jackson Area Chamber of Commerce director Brian Gerau said one of the biggest challenges to employers is attracting the right people.

In this climate, Gerau said, "Potential employees can be extremely selective on their job prospects due to the demands," and that's great for workers, but asks more of employers.

Not to mention, employers are doing more with fewer staff members, and more responsibilities are being spread to existing, experienced staff, Gerau said.

But, Gerau said, "Industrial site consultants say workforce is a key indicator on whether an industry will relocate to an area. Smaller start-ups are not as affected as the need for 50 to 100 employees is not a prerequisite. Restaurant franchises look for a solid workforce before locating to an area," Gerau said.

Jobs are available at all levels, too, Mehner said. A quick check of help-wanted ads reveals entry-level to highly specialized positions available.

"It's just unbelievable when you look at what's out there," Mehner said.

That said, Mehner noted the last couple of years in particular have seen several entrepreneurs starting up new companies.

"I think a lot more people are interested in looking at entrepreneurship," Mehner said, because of several factors. People might not find the exact job wanted, for example, or might be seeking more autonomy.

Mehner said he gives a lot of credit to Codefi's efforts to get people coding, and to offer support for building a tech start-up business.

Mehner noted having a low unemployment rate doesn't mean good people aren't looking for work. "That still happens," he said. "People just don't find the job they're looking for; the best fit for them might not be hiring right when they're looking."

mniederkorn@semissourian.com

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