MU professor: Job market still favors job-seekers, but recession fears could change that

The labor market in Columbia remains one marked by a low unemployment rate with more job openings than applicants, said Peter Mueser, chancellor's professor in the University of Missouri Department of Economics.

The June 8 unemployment rate in Missouri was a low 3.4%, he said.

The Federal Reserve on Thursday hiked interest rates by .75%, the largest increase since 1994 in an attempt to slow the economy and bring down inflation.

The Fed is attempting a soft landing for the economy, but recession concerns are increasing, Mueser said.

More: Columbia's job market has more openings than applicants: 'People have chosen not to work'

"The high inflation is causing increased expectations of a recession," Mueser said.

A national recession would affect Missouri and put the brakes on the job market, he said.

He's not predicting a recession, but it's a possibility, he said.

MU 2021 graduates had success in landing jobs, if that was their goal. The annual career outcomes survey in March reported that 95% of recent graduates achieved a successful career outcome within six months of graduation.

The successful career outcome is described as being employed, continuing their education, or volunteer or military service.

Almost 80% of 2021 graduates took the survey.

It showed that 62.5% of them were working full-time, 10% were employed part-time and 20% were continuing their education. Another 5% were still looking.

Roger McKinney is the education reporter for the Tribune. You can reach him at rmckinney@columbiatribune.com or 573-815-1719. He's on Twitter at @rmckinney9.

This article originally appeared on Columbia Daily Tribune: MU professor says recession fears may cool the hot labor market