Here's what is likely the most important economic news of the day, a glimpse at the transformative effect of the pandemic and a look at the new normal coming out of the lockdown . . .
"What was expected to be another year of modest employment growth (0.9%) for the Kansas City metro is now forecast to be a steep decline of 12.2%.
"According to an updated employment forecast from the Center for Economic Development and Business Research at Wichita State University, the Kansas City metro is expected to lose more than 130,000 jobs in 2020."
More info for subscribers at the KC Biz Journal: Coronavirus developments: KC metro forecast to lose 130,000 jobs | Covid-19 death projections
Note that we didn't include the death "projections" because we've linked those in other places and they've always been wrong. Moreover, dead people don't have to worry about getting jobs.
Developing . . .
Actually, that's probably a conservative estimate that doesn't count so many employees who are off the books.
ReplyDeleteThanks Trump!
DeleteWe dont need 130,000 jobs. alot of people dont do any work anyway. Thos are the ones we dont need.
ReplyDelete^^^^ Comment from somebody who doesn't work. "We don't need jobs" sorry that doesn't make any sense.
DeleteThe toy train and the new downtown convention hotel will save KC.
ReplyDeleteA "blip"; no more, no less. Words of wisdom from Mayor Quinton Lucas... 130,000 blips, actually.
ReplyDeletewidespread impact from this especially when it comes to stuff like unemployment benefits and housing.
ReplyDeleteKatherine shields is going to furlough and eliminate a whole bunch of city employees and positions, this is how dimwits handle everything, get rid of employees and hope somebody else takes care of them. Why doesn’t she and everybody else on the clowncil and the mayor and his crew suck it up and forego their pay for the year so the commoners can keep their jobs?
ReplyDeleteWhere’s Phil with his boss, I mean wife’s response to this?
^^^ uh oh, the cats outta the bag.
ReplyDelete^^^ damage control needed at city hall stat!
ReplyDeleteKatie is going to ruin some families lives with this move, and she won’t bat an eye doing it. It’s perfect timing really with covid 19 going around, no employees, no insurance to pay for hell, the amount of money she can save for developers will be huge.
Serious question for ms Katie, if we’re such a great city, why do we have to pay for developers to come here and build something?
It is Katheryn Shields. (spelling...) Regardless, she is the loudest of the few KC MO city council members with an eye on the revenue forecasts. Other cities implemented austerity measures weeks if not months ago. Quinton Lucas is praying for a federal bailout. The bailouts are not intended for revenue shortfalls... Does not help that Josh Hawley (the Missouri senator) is fighting all state or local bailouts.
ReplyDeleteAs an example, furlough 50% of employees now 4 hours per week or furlough 20% of employees later 40 hours per week. Local governments have no option for deficit spending so shortfalls in revenue require mitigation in a timely fashion. The "emergency fund" is some $100 million or so but the total budget is $2 billion.
^^^ is that you Phil? Katie?
ReplyDeleteWonder where the city will try and make up all that lost tax revenue?
ReplyDeleteGird your loins homeowners, you're about to be ass-rapeed.
unless a miracle vaccine emerges forthwith, we may descend into an economic death spiral.
ReplyDelete