Quad Cities region trends show rebound on the horizon

Key Takeaways

• The economic recovery from the COVID-19 pandemic and associated mitigation measures continued, however, pressures that emerged earlier in the year combined to slow economic growth in Q3. The regional economy lacked momentum in many ways, though there is evidence of a rebound on the horizon.
• Recent data shows shipping costs are falling after record levels earlier in the year, though shipping times are still high.
• The MSA labor market is showing signs of a return to normal, though relatively slower than nationally due to the mix of industries in the region. The unemployment rate is almost back to March 2020. Unfortunately, employers continue to be frustrated because the economy hasn’t experienced an increase in labor participation rates.
• With fewer people submitting qualified applications, companies are taking a closer look at onboarding practices, mentoring programs, apprenticeship models, training, referral, and retention bonuses. Companies realize that they need to invest in their current labor force to retain the quality staff they currently have and improve productivity by investing in training, skill development, and organizational culture improvement activities.  
• Inflation remains a concern.
• The ultimate path of economic growth continues to rely on coronavirus infection rates and whether supply chain and labor force pressure will abate.

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