Springfield unemployment is already worse than the Great Recession – and likely to worsen

Local News

Courtesy of the Springfield News-Leader

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SPRINGFIELD, Mo. (news leader) — In February 2010 – the aftermath of the Great Recession – unemployment peaked at 9.5 percent in and around Springfield.

Today, Springfield unemployment is already far worse than it was then.

And on the national level, the signs of what’s happening, and what’s coming, aren’t good. A Commerce Department report published early Wednesday showed that the value of goods and services produced in the U.S. from January through March plunged 4.8 percent, the first drop since 2014, with steeper drops on the way, USA TODAY reported.

The fall in spending by businesses and consumers could soon lead to local unemployment rates worse than the worst rates of the Great Depression, local economists say.

It’s quite a change from a few months ago: At the start of 2020, nearly everyone who wanted a job in Springfield could get one, statistically speaking. The federal government made a sunny prediction on Dec. 11 that – perhaps – 3.75 percent of the American workforce might need to look for work by 2022. Officially, Springfield unemployment in February was just 3.2 percent.

To read the full article by the Springfield News-Leader, click here.

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