MISSOULA - The buzzword around the national economy over the past couple of months has been uncertainty.
Between tariffs and the recent firing of the head of the Bureau of Labor Statistics after the last jobs report revision, the national economy has been in a bit of a holding pattern as businesses wait to see how everything will settle.
But here in Missoula, that uncertainty hasn't trickled down too much, largely thanks to Missoula's 2.6% unemployment rate.
“Overall, we're not seeing red flags for a recession right now,” said Missoula Economic Partnership deputy director Nicole Rush.
Watch to learn more about the economic picture in Missoula:
Rush says that after the rebound from the COVID-19 pandemic, growth in Missoula has remained strong and consistent.
“We're fairly confident that our economy is doing well. Firms are hiring. Companies are looking to expand. We still see a lot of interest in Missoula,” added Rush.
She says that this is largely due to Missoula’s desirability as a place to live, attracting businesses and people alike, resulting in a competitive labor market.
“It means that we have a strong economy, and people are hiring. So there are currently more jobs available in Missoula than there are people locally available to take them. And that's shown in our high labor force participation rate, which is currently at about 69%,” said Rush.
An economic indicator that is sometimes pointed to is the gold and silver market, which has historically ticked up during times of uncertainty.
Grizzly Gold and Silver has seen an increase in traffic and sales, which they attribute to the high price of precious metals right now.
“Gold today is priced at about $3,348 per ounce. And so with those record highs, and silver is up over $35 for the first time in 10 or 11 years, it's actually running at about $37.50ish, $37.75 today, right in that ballpark. So with those elevated prices, we actually are seeing more sellers right now than buyers,” said Bob Burton, the store manager for the Missoula branch of Grizzly Gold and Silver.
Burton says that while people are trying to profit from the high prices, there are still people coming in to cover various expenses they may have. He also told MTN that he believes that it’s roughly a 50/50 split of people who come into his store seeking to profit off the hot market and those who are selling just to make ends meet.
“We are still running an economy that people are paying more for things at the grocery store than they were five years ago. And so there are people that are making ends meet by selling their silver and their gold just to do that sort of thing,” said Burton.
As the national economy continues to develop under the Trump Administration, some of the policy decisions being made may still need time to come into full fruition.
