Cape Girardeau county unemployment rates are on the rise

CAPE GIRARDEAU Mo. (KBSI) – Based on the Bureau of Labor Statistics, local unemployment rates are on the rise.

According to bureau of labor statistics website, as of July 2023, the local unemployment rate  is 3.1%, in Cape Girardeau.

The statistics, however, the slight uptick in the local unemployment rate, it could possibly be based on national trends.

David Yaskewich, who is a chairman of Southeast Missouri State University’s accounting, economics, and finance department, says “Some of the reasons we’re seeing unemployment could be due to the national trends of higher interest rates and prices, although inflation is lower, prices remain high and inflation is still above historical norms.”

Another reason Yaskewich pinpoints are students who search for jobs during the summer season.

The chairman adds, “If full time students stop going to school in the summer, and look for work, they would be considered unemployed and that’s particularly something we would see in the age range between 16 and 24.”

Although there is uncertainty on where the economy will be in 2024,  Yaskewich feels optimistic about the local labor market.

He goes on to say, “If you look at the labor market data, again, it could be nationally, it could be the state level or local, by all measures we are seeing a strong labor market currently exist.”