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Every Monday at 6:42 a.m. and 8:42 a.m., Rob Gilligan provides information on what's happening in the area of regional development in Southeast Missouri. Rob is the President and CEO of the Cape Chamber. Local support for "Let's Talk Business" is provided by Carved + Crafted Catering. (573) 651-2569

Let's Talk Business: Economic Update on Labor Day

Cape Chamber

As we celebrate Labor Day with this segment of "Let’s Talk Business," it is really difficult to get a grasp on the economic climate both nationally and locally.

Last week we learned the U.S. debt reached its highest level compared to the size of the economy since World War II mostly as a result of the of the huge fiscal response to the pandemic. We watched the airline industry announce large permanent layoffs and release projections showing the industry may not fully recover for three to four years. Several additional national retailers teeter on the brink of permanent closure. And the hotel industry continues to struggle.

However, we also watched as the U.S. stock market continued to rally as the DOW topped 29000 while the S&P and the NASDAQ posted record highs. There was positive news on the jobs front as unemployment continues to fall. Research continues on a vaccine for the virus and there were advancements in treatment using certain steroids.

Locally, our unemployment rate is down to about 6% which is already 3.5% lower than just a few months ago. We received fiscal year end numbers for our hotel/motel/restaurant tax and learned we were down less than 5% for the year ending June 30 and this year is off to a better than expected start. And we see some new businesses opening in the area – more to come on that later.

Let’s keep our heads up, eyes forward, and continue to work hard and stay safe.

John Mehner is the former President and CEO of the Cape Chamber.
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