June 2023 Jobs Report Released – Unemployment Appears To Have Increased For The Month

The statewide June-2023 Monthly Jobs Report is out and it shows non-farm payroll unemployment increased by 10-thousand jobs while private industry employment increased by 9,200 jobs and government employment increasing by 800 jobs.

The state’s seasonally-adjusted unemployment rate overall increased by one-tenth of a percent to 2.6 percent in June from the revised 2.5 percent in May-2023.

Goods producing industries decreased by 400 jobs with manufacturing decreasing by 600 jobs over the month. Mining, logging and construction gained 200 jobs.

In the private sector, leisure and hospitality led the gainers with 3,900 new jobs.

Here’s the full report:

Missouri non-farm payroll employment increased by 10,000 jobs in June 2023, and the seasonally adjusted unemployment rate increased by one-tenth of a percentage point to 2.6 percent. Private industry employment increased by 9,200 jobs and government employment increased by 800 jobs. The state’s seasonally adjusted unemployment rate was 2.6 percent in June 2023, up from 2.5 percent in May 2023. Over the year, there was an increase of 59,800 jobs from June 2022 to June 2023, and the unemployment rate increased by half of a percentage point, from 2.1 percent in June 2022 to 2.6 percent in June 2023.

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate increased by one-tenth of a percentage point in June 2023, increasing to 2.6 percent from the revised May 2023 rate of 2.5 percent. The June 2023 rate was half of a percentage point higher than the June 2022 rate of 2.1 percent. The estimated number of unemployed Missourians was 81,562 in June 2023, up by 2,663 from May.

The state’s not-seasonally-adjusted unemployment rate increased in June 2023 by four-tenths of a percentage point to 3.3 percent. A year ago, the not-seasonally-adjusted rate was 2.3 percent. The corresponding not-seasonally-adjusted national rate for June 2023 was 3.8 percent.

Missouri’s labor force participation rate was 63.6 percent in June 2023, nine-tenths of a percentage point higher than the national rate of 62.6 percent. Missouri’s employment-population ratio was 61.9 percent in June 2023, 1.6 percentage points higher than the national rate of 60.3 percent. Missouri’s unemployment rate was 2.6 percent in June 2023, one point lower than the national rate of 3.6 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 2,991,900 in June 2023, up by 10,000 from the revised May 2023 figure. The May 2023 total was revised upward by 4,200 jobs from the preliminary estimate.

Goods-producing industries decreased by 400 jobs over the month, with mining, logging, and construction gaining 200 jobs and manufacturing decreasing by 600 jobs. Private service-providing industries increased by 9,600 jobs between May 2023 and June 2023. Employment in private service-providing industries increased in leisure and hospitality (3,900 jobs); trade, transportation, and utilities (3,600 jobs); other services (1,100 jobs); professional and business services (500 jobs); private education and health services (300 jobs); and financial activities (200 jobs). Total government employment increased by 800 jobs over the month, including state government (500 jobs) and federal government (300 jobs).

Over the year, total payroll employment increased by 59,800 jobs from June 2022 to June 2023. Gains were in leisure and hospitality (17,600 jobs); professional and business services (10,200 jobs); manufacturing (9,800 jobs); other services (6,100 jobs); trade, transportation, and utilities (6,000 jobs); private education and health services (5,600 jobs); and financial activities (1,200 jobs). Employment decreased in mining, logging, and construction (-1,600 jobs); and information (-900 jobs). Government employment increased by 5,800 jobs over the year, with increases in local (4,100 jobs), federal (1,300 jobs), and state government (400 jobs).

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