Unemployment rate remains at near record lows in new year
Employment increased by 9,000 jobs in January while the state’s seasonally adjusted unemployment rate increased slightly to 3.5 percent over the month.
The unemployment rate had reached a record low of 3.0 percent starting in July 2018, before edging up a tenth of a point in November 2018 and again in December 2018. The rate had remained at 3.2 percent through April 2019 before decreasing by a tenth of a point in May 2019. It then began a slow increase, reaching 3.4 percent in October 2019, where it remained for the remainder of 2019.
To read more of January's jobs report, click here.
Missouri advances nine spots in business climate ranking
Site Selection Magazine recently ranked Missouri the 14th best state in the U.S. for business climate, up from 23rd in 2018.
Criteria for this ranking includes the number of projects occurring in the state and business tax levels. However, the largest factor contributing to states' positions is a survey in which site selectors rank states based on their recent experiences locating facilities in them.
Missouri’s rank in this key criteria improved a staggering 17 spots in the last year.
Economic impact of a Super Bowl win
There’s no doubt the end of the Kansas City Chiefs 50-year Super Bowl drought had a lasting impact on fans, but the team's historic win is also likely causing economic benefits.
Missouri University of Science and Technology economics professor Dr. Michael Davis found that winning NFL teams boost local income by $100 per capita. Teams that go on to win the Super Bowl bring an additional bonus amounting to $20 per capita.
According to a study published by Davis and Xavier University psychology professor Dr. Christian End, winning sports teams generate more purchases, consumption, and even increased productivity due to happier fans. Successful teams also tend to attract larger fan bases.
The NFL is the most popular league in the United States and therefore affects the greatest number of fans. Overall, Davis and End's study found that 10 or 11 season game wins, when combined with a Super Bowl victory, is enough to spur an additional $120 in personal income per person within metropolitan areas.
Just months earlier, Missouri claimed another major sports triumph when the St. Louis Blues claimed the 2019 Stanley Cup.
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