MEMPHIS, Tenn. — Federal Reserve representatives visited Memphis Thursday to deliver a different kind of forecast, one that involves our workforce, and jobs in Shelby County.
The presentation broke down the county’s financial status in hopes that the information can help improve lives for families in Shelby County.
The charts and the graphs show the economy is coming back, but Memphis is lagging when compared to the national average.
Shelby County Mayor Mark Luttrell said, “We are pulling out of it. Not as fast as we’d like, but the fact that we are pulling out of it is encouraging.”
It’s been a roller coaster the past few years when it comes to people getting back to work. The Federal Reserve said in 2013, Memphis lost 1,700 jobs. But in 2014, the city added 2,400 jobs. Analysts predicts this year, Memphis could see 10,000 new jobs.
Luttrell was hesitant to jump on board with that prediction, saying, “That is very ambitious. Certainly we’d love to have it, but we will have to wait and see if that’s a realistic expectation.”
What also helps is the unexpected drop in gas prices. It’s putting extra money in family’s pockets, and that’s leading to what the experts call consumer confidence. You’re spending more, and it’s helping.
Shelby County Commissioner Mark Billingsley said, “That’s good for our local economy, and whatever we can do to spend our dollars locally always makes a big difference.”
The bad news is the major gap in the national and local unemployment numbers: 6.1 percent compared to 8.1 percent. So while we hear things are getting better, we don’t always see it right away.
Experts say Memphis is seeing strong growth in healthcare and education employment numbers, and hospitality jobs are slowly coming back after the recession.