Memphis Job Market Outlook: Painful Recovery Likely

Memphis Job Market Outlook: Painful Recovery Likely

 

While some states are seeing improvements in the economic condition and job market, that's not the case for Memphis, at least not yet. For those who are looking for a position in the Memphis job market, there is likely to be a long road to improvement. Memphis Business Journal editor Bill Wellborn states that the area is looking at the long haul.

Economic Club of Memphis Event

At the Economic Outlook Breakfast held earlier this month, economist William Emmons who is a member of the Federal Reserve Bank of St. Louis had this to say when describing the Memphis economy. He is "cautiously optimistic about the outlook for the coming year." But, that's what people have said for some time now. What is the truth behind it all?

The area has lost a significant number of jobs. However, Emmons says there will be growth in the 2012 year. However, it will take time. The Memphis job market will improve faster than other areas of the state, though. According to numerous presented, the state dropped 220,000 jobs during the last few years and Memphis itself lost 60,000 of those. About 25 percent of jobs have been recovered in the last few years, but Memphis has only recovered by about 1/6th.

What, then, is to look forward to? According to reports, the house prices in the area will stop falling. More so, the labor markets will need to improve. While the area may lag behind other areas in the country, there is definitely room to see improvement in the Memphis job market and economy as a whole in the coming months.