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Tue. Apr 23rd, 2024

 

August Jobs Report Released Showing Decreases In Employment Across Missouri

All News RSS Feed Business Front Page News State News Thursday, September 14th, 2023

The August 2023 Monthly Jobs Report is out showing non-farm payroll employment decreased by 13,700 jobs while private industry employment also decreased by 16,100 jobs.

At the same time, government employment reflected an increase of 2,400 jobs for the month.

Overall, compared to August one year ago, there were 51,700 more jobs but still showing unemployment up by four-tenths of a percent from 2.4 in 2022 to 2.8 this year.

Goods-producing industries led the declines by more than 7,000 jobs for the month while the leisure and hospitality industries led the gains with 800 more jobs.

And total government employment in Missouri increased by 2,400 jobs…showing 2,100 more jobs in the local government sector, 200 jobs in federal and 100 jobs in state government.

 

Full Report:

Missouri non-farm payroll employment decreased by 13,700 jobs in August 2023, and the seasonally adjusted unemployment rate increased by one-tenth of a percentage point. Private industry employment decreased by 16,100 jobs, and government employment increased by 2,400 jobs. The state’s seasonally adjusted unemployment rate was 2.8 percent in August 2023, up from 2.7 percent in July 2023. Over the year, there was an increase of 51,700 jobs from August 2022 to August 2023, and the unemployment rate increased by four-tenths of a percentage point, from 2.4 percent in August 2022 to 2.8 percent in August 2023.

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate increased by one-tenth of a percentage point in August 2023, increasing to 2.8 percent from the revised July 2023 rate of 2.7 percent. The August 2023 rate was four-tenths of a percentage point higher than the August 2022 rate of 2.4 percent. The estimated number of unemployed Missourians was 87,958 in August 2023, up by 3,777 from July’s 84,181.

The state’s not-seasonally-adjusted unemployment rate remained unchanged in August 2023 at 3.4 percent. A year ago, the not-seasonally-adjusted rate was 2.8 percent. The corresponding not-seasonally-adjusted national rate for August 2023 was 3.9 percent.

Missouri’s labor force participation rate was 63.7 percent in August 2023, nine-tenths of a percentage point higher than the national rate of 62.8 percent. Missouri’s employment-population ratio was 61.9 percent in August 2023, 1.5 percentage points higher than the national rate of 60.4 percent. Missouri’s unemployment rate was 2.8 percent in August 2023, one point lower than the national rate of 3.8 percent. Missouri’s unemployment rate has been at or below the national rate for more than eight years.

EMPLOYMENT

Missouri’s non-farm payroll employment was 2,988,700 in August 2023, down by 13,700 from the revised July 2023 figure. The July 2023 total was revised upward by 1,200 jobs from the preliminary estimate.

Goods-producing industries decreased by 7,100 jobs over the month, with decreases of 6,500 jobs in manufacturing and 600 jobs in mining, logging, and construction.  Private service-providing industries declined by 9,000 jobs between July 2023 and August 2023. Employment in private service-providing industries decreased in trade, transportation, and utilities (-7,800 jobs); professional and business services (-900 jobs); financial activities (-900 jobs); and private education and health services (-500 jobs). Employment increased in leisure and hospitality (800 jobs) and information (300 jobs). Total government employment increased by 2,400 jobs over the month, with increases in local (2,100 jobs), federal (200 jobs), and state government (100 jobs).

Over the year, total payroll employment increased by 51,700 jobs from August 2022 to August 2023. The largest gain was in leisure and hospitality (15,600 jobs); private education and health services (12,300 jobs); professional and business services (9,300 jobs); other services (5,800 jobs); trade, transportation, and utilities (2,100 jobs); financial activities (1,700 jobs); and manufacturing (600 jobs). Employment decreased in mining, logging, and construction (-2,500 jobs) and information (-1,100 jobs).  Government employment increased by 7,900 jobs over the year, with increases in local (5,700 jobs), federal (1,200 jobs); and state government (1,000 jobs).

Read the full report at https://meric.mo.gov/missouri-monthly-jobs-report.

All News RSS Feed Business Front Page News State News Thursday, September 14th, 2023

Reporter Mike Anthony