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St. Louis Business & Technology News
www.slfp.com/SLFPBIZp.htm "When you think Saint Louis, think Saint Louis Front Page," a weekly publication covering the news and events in the greater St. Louis area. 
St. Louis Front Page P.O. Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com 
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Jobs Report Shows Crippling Unemployment Rates for Low-Skill Employees, Blacks and Hispanics WASHINGTON, D.C. (PRNewswire) February 6, 2005 - While the most recent employment report showed more job creation in December, the 146,000 new jobs created last month fell short of economic forecasts. The Employment Policies Institute (EPI) noted in its current Gateway Jobs analysis that despite the lower-than- expected number, payroll employment has increased by 2.7 million jobs and exceeds its most recent peak in February 2001. The nation's unemployment rate fell to 5.2%, down 0.5 points from last year and a full 1.1% below the June 2003 high. "The overall labor market is clearly showing significant growth, yet segments of the population continue to face difficulty securing employment," said EPI research director Craig Garthwaite. "In particular, our nation's least educated and most vulnerable populations continue their struggle to enjoy the labor market success of their more skilled counterparts." EPI noted that adult high school dropout unemployment is nearly 45% higher than the national average, 60% higher than that for high school graduates, and 212% higher than the unemployment rate of college graduates. Labor market conditions for minorities continue to trail their white counterparts. In December, unemployment for white males was 4.4%, compared to that of a rate of 10.6% for African-American males. African-American teens suffer even more with an unemployment rate of 30.2% -- the fourth consecutive month of an unemployment rate over 30%. Hispanic teens faced an unemployment rate of 19.6%. Over 25 states are considering proposed legislation to increase the minimum wage-a move that would worsen already crippling employment conditions for the least skilled workers. Decades of research shows that the least skilled employees in the economy are disproportionately hurt by the job loss these wage increases would create. For example, economists at Cornell University found that high school dropouts and African-American young adults suffer four times more employment loss from a minimum wage increase than their more skilled and non-black counterparts. "Clearly, skill level and education are still critical factors in securing employment," Garthwaite said. "Legislators and policy makers should focus on initiatives that foster entry-level employment among low-skill workers and minorities. Unfortunately, increasing the minimum wage will only create more barriers to the very workers that need to acquire skills and education on the first rung of the economic ladder." Gatewayjobs.com, a website focusing on the crisis in entry-level employment, provides regularly updated statistics detailing the employment market for entry-level employees and vital information about a host of government assistance programs designed to promote employment and economic success. Deloitte Delivers Optimistic Economic Outlook for 2005 NEW YORK (PRNewswire) February 6, 2005 - While the 0.8 percent decline in real wages from a year ago led to a recent decline in Deloitte's Leading Index of Consumer Spending, strong financial markets, productivity growth and increasing household net worth suggest strong economic growth in 2005, according to Deloitte Research's annual state-of-the-economy report, "The Case for Continued Optimism." "Elections tend to bring out reasons for pessimism about the economy, but that case seems to have fallen short with the incumbents retaining power," said Carl Steidtmann, chief economist of Deloitte Research and author of the report. "We have a lot of reasons to be optimistic this year, including pro- growth economic and tax policies, as well as strong financial markets." "Productivity is probably the single most important measure of economic performance because it makes the U.S. economy more globally competitive, puts downward pressure on prices, and lifts the overall standard of living," continued Steidtmann. "The good news is that the pace of productivity growth has steadily risen in the last decade." The index and report details ten reasons to be optimistic about the economy in the coming year, including:
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