Local jobs number shrinks for first time since ‘04
If there is a recession going on, St. Louis is feeling it.
We’ve noted recently how St. Louis’ job growth numbers were getting weaker. Now, the Bureau of Labor Statistics’ figures for March show that we aren’t growing at all. The number of people working in the metro area shrank by 5,400, or 0.4 percent, between March 2007 and March 2008. It’s the first negative year-over-year number for St. Louis since July 2004.




David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page.
This preoccupation with the immediate direction of the economy — whether or not employment has dropped by a couple of tenths of a percent — is typical of the short-term mindset of political candidates, particularly Democrats because it is to their advantage to exaggerate any downturn.
At the same time, they (and to a lesser extent Republican candidates) are largely ignoring the potentially catastrophic impact on the economy of a massive reduction in the availability of imported oil. This could occur quickly in the event of increased conflict in the Mideast that disrupted the supply of oil from there, and will occur within the next decade or so as worldwide oil supplies hit a peak and then decline, at the same time as worldwide demand continues to skyrocket. As a matter of sustaining its standard of living (and elevating the standard of living of its poor) the U.S. had better get REALLY serious about both conserving energy and developing new domestic sources. And those new sources need to include alternatives to oil such as nuclear, natural gas, wind and solar, because the remaining untapped reserves of oil would supply perhaps only about a year’s worth of U.S. consumption. It should be obvious to anyone other than the most ideological right-wingers that that will be a stopgap solution at best.