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When Mike McClain pictured retirement, he thought of deserts and canyons.

The 66-year-old had planned to leave the workforce this year and spend more time outdoors, hiking and camping. That was before he was laid off from his job in telecommunications in 2009.

Fast food workers take part in a protest organized by Show Me $15 outside a McDonald's on Natural Bridge Road in St. Louis on March 15, 2017. They want the city's $10 minimum wage increase to be enforced immediately.
File photo | Maria Altman | St. Louis Public Radio

Even though the Missouri legislature has passed a bill that essentially blocks the city of St. Louis from raising its minimum wage, economists are weighing in on how the region could be affected by increasing that rate to $10 an hour.

The legislation is awaiting Gov. Eric Greitens signature and St. Louis Federal Reserve Regional Economist Charles Gascon has co-written a research paper in an attempt to examine several questions, including exactly how many city residents would be directly affected by allowing the city's minimum wage to go up.

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The Federal Reserve Bank of St. Louis just released a report about various kinds of debt and how it is impacting different populations in St. Louis, Memphis, Little Rock and Louisville. Spoiler alert: yes, student loan debt is still crippling the younger generation…as are car loans.

As the report points out, the delinquency rate for young borrowers has increased since before the recession. Such delinquency rates can mean a host of problems in accessing credit and the ability to save as young Americans start their adult lives.

(via Flickr/Tracy O)

A new study from the Federal Reserve Bank of St. Louis finds families with higher levels of education attain more wealth, and that the wealth gap between educational attainment levels is growing.

But the authors also stress that education alone does not explain the differences in these outcomes.

(provided by the St. Louis Federal Reserve)

The St. Louis area's job growth has lagged far behind other Midwestern cities and the national average since 2010, but things could be turning around.

The metropolitan area saw 1.8 percent growth in the number of jobs from 2010 to 2013. By contrast, Kansas City had double the growth with 3.5 percent; Chicago saw 4.5 percent, and the national average was even higher at 4.7 percent.

Federal Reserve economist Charles Gascon said St. Louis’ number — about 22,000 jobs over the three years — is a reflection of a near freeze in job growth here in 2011 and 2012.

This article first appeared in the St. Louis Beacon. - Americans who are paying off private student loans might find insights into their complicated monthly statements in a recent annual report published by the Consumer Financial Protection Bureau.

Private loans have drawn the scrutiny of Rohit Chopra, the student loan ombudsman for the bureau, a federal agency established by Congress in 2010 to oversee the consumer financial industry.

This article first appeared in the St. Louis Beacon, Nov. 6, 2013 - Timing isn't everything, but when people were born might play a role in how they're doing financially, according to economists at the St. Louis Federal Reserve.

This article first appeared in the St. Louis Beacon: July 18, 2008 - It is the surprising incident that gets you. The unseen car that nearly hits you when crossing the street. The bolt of lighting out of the blue. But while the surprising magnitude of the mortgage market collapse exacerbated problems for Fannie Mae and Freddie Mac, the mess wasn't completely unexpected.