Fed cites mixed bag of news for St. Louis regional economy
ST. LOUIS (AP) - The latest quarterly report from the Federal Reserve Bank of St. Louis suggested that wages are stagnant in the region, despite a moderate unemployment rate and companies eager to hire.
The St. Louis Post-Dispatch said the Fed's "Burgundy Book" report released Tuesday showed that the metro area's 5.9 percent jobless rate for April was down from 6.5 percent a year earlier. The Fed says wages remain 3 percent above the national average - typical for big metro areas. But the national average has been rising while St. Louis wages have held steady.
That may change. Fed economist Charles Gascon said business leaders said they are raising wages to attract workers.
Jobs were growing more slowly than the rest of the nation, and Gascon expected that to continue.