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Mass Layoffs, Foreclosures Hit St. Louis

Daily economic news seems to be hurting more people across the St. Louis region than in other areas of Missouri.

Whether it is the latest mass layoff notice or foreclosure activity data, the daily economic news seems to be hurting more people across the St. Louis region than in other areas of Missouri.

Out of five mass layoff notices filed in the state so far this month, nearly half of all the workers who now need new jobs are from the St. Louis area.

Coventry Health Care Inc. plans to layoff 85 in Chesterfield, according to a Worker Adjustment and Retraining Notification filing. The WARN Act requires employers to give a 60-day notice in advance of plant closings and mass layoffs.

Last week, Sears Holding Corp. filed a notice to layoff 102 at its department store in Crestwood.

Out of plans to layoff 376 workers statewide, 187 jobs are being eliminated in the St. Louis region.

It is not just St. Louis, however. 

The job market has weakened statewide.

As Missouri Journal has reported, Missouri ranked as the state with the highest, statistically significant, month-over-month drop in employment, losing 11,800 jobs during December.

Plus, the state needs to gain 161,000 jobs to get back to the pre-recession employment level.

Nonfarm payrolls have dropped in Missouri during five of the last six months, finishing the year 0.1 percent below year-ago levels, according to a research report by BMO Capital Markets Economics.

Foreclosure activity increases

The percentage of foreclosure filings also increased faster in Missouri than the national average.

Foreclosure activity — including default notices, scheduled auctions and bank repossessions – increased 13.6 percent during January, according to new research released by RealtyTrac Inc.

Nationally, foreclosure activity increased 3 percent last month compared to December.

Once again, the St. Louis region was hit the hardest. 

St. Louis County had the highest number of new foreclosures in the state at 669.

The city of St. Louis had 282, St. Charles County had 206, and Jefferson County had 134.

How did the St. Louis region compare to other areas across Missouri?

Visit Missouri Journal for an online interactive map of statewide foreclosure activity.

By Brian R. Hookbrhook@missourijournal.com, (314) 482-7944

Hook is editor of Missouri Journal, which tracks the economy across the state.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Eileen Tyrrell February 29, 2012 at 08:55 PM
Deedis: Well said!
stacey March 05, 2012 at 02:49 PM
Vote Ross Perot!!!! LOL, I agree a little with everyone, and am experiencing both of the issues in this article throughout my family :(. I had no clue companies were supposed to give 60 day notice, and i'm wondering if that's a legal issue or no? A close family member of mine is watching his company of 20yrs lay-off people he works with left and right with the rumors of the entire company going overseas. This people were not given 60 day notices and the rest of them left working are nervouse every day of their lives! The man I'm speaking of is the only one working/saving at home, and can retire in 5 yrs or so. Since this has happened his blood pressure has been uncontrollable, and has had to start meds to keep it somewhat normal. He no longer enjoys life, and lives in constant fear. The reality to him is that when it's his turn to go...who is going to hire him? Even though he isn't rich by any means he lives within his means, and where will he find an oppurtunity to do that again, being the age he is? My whole point is agree with everyone who has an opinion, because everyone, unfortunatley knows someone or of someone going through a lay off or foreclosure, and it's heartbreaking. But if companies gave 60 days heads up it would lighten the load of people such as the man im speaking of, who could possibly have a heart attack "waiting" to hear his name be called. SHould be illegal not to give 60 days notice.
Brian R. Hook March 05, 2012 at 03:42 PM
It is a federal law, but with plenty of loopholes. Here is a link to a fact sheet from the U.S. Department of Labor. http://www.doleta.gov/programs/factsht/warn.htm Feel free to contact me directly for more details on the specific company. - BRH
Reginald Roberts March 10, 2012 at 06:09 PM
true enough the global economy and OPEC control gas prices. But it is the dollar bill that is the worlds currency that regulates the global economy and currently the only form of currency accepted by OPEC. if u want the price of gas to go down then we need to abolish the federal reserve which will help stop the deterioration of America's currency which in return will lower gas prices. the increase of inflation is being projected thru the increase of price.
Reginald Roberts March 10, 2012 at 06:13 PM
i dont care who u r or what "party" u represent. man/woman it doesnt matter. if we dont get rid of the FEDS america's economy will never get better.

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