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Fri. Apr 19th, 2024

 

Missouri Jobs Report Shows Increase In Jobs & Increase In Unemployment Rate

All News RSS Feed Business State News Top Stories Thursday, October 19th, 2023

The Missouri September 2023 Monthly Jobs Report has been released with nonfarm payroll employment showing an increase of 5,200 jobs and the seasonally adjusted unemployment rate increasing by one-tenth of a percent.

The report also shows that private industry employment increased by 4,700 jobs and government employment increased by 500 jobs.

Over the year so far, there has been an increase of 43,700 jobs from September 2022 to September of this year reflecting an overall increase of the unemployment rate from 2.6 percent to 2.9 percent.

Manufacturing showed the biggest gains over the past month with a gain of 7,100 jobs while leisure and hospitality showed the biggest decrease losing 1,900 jobs.

The full report can be found on the Missouri Economic Research and Information Center’s website or a rundown can be seen below:

 

Missouri nonfarm payroll employment increased by 5,200 jobs in September 2023, and the seasonally adjusted unemployment rate increased by one-tenth of a percentage point. Private industry employment increased by 4,700 jobs and government employment increased by 500 jobs. The state’s seasonally adjusted unemployment rate was 2.9 percent in September 2023, up from 2.8 percent in August 2023. Over the year, there was an increase of 43,700 jobs from September 2022 to September 2023, and the unemployment rate increased by three-tenths of a percentage point, from 2.6 percent in September 2022 to 2.9 percent in September 2023.

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate increased by one-tenth of a percentage point in September 2023, increasing to 2.9 percent from the revised August 2023 rate of 2.8 percent. The September 2023 rate was three-tenths of a percentage point higher than the September 2022 rate. The estimated number of unemployed Missourians was 91,671 in September 2023, up 3,694 from August’s 87,977.

The state’s not-seasonally-adjusted unemployment rate decreased in September 2023, declining eight-tenths of a percentage point to 2.6 percent from the August 2023 not-seasonally-adjusted rate of 3.4 percent. A year ago, the not-seasonally-adjusted rate was 2 percent. The corresponding not-seasonally-adjusted national rate for September 2023 was 3.6 percent.

Missouri’s labor force participation rate was 63.7 percent in September 2023, nine-tenths of a percentage point higher than the national rate of 62.8 percent. Missouri’s employment-population ratio was 61.8 percent in September 2023, 1.4 percentage points higher than the national rate of 60.4 percent. Missouri’s unemployment rate was 2.9 percent in September 2023, nine-tenths of a percentage 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 nonfarm payroll employment was 2,988,700 in September 2023, up 5,200 from the revised August 2023 figure. The August 2023 total was revised downward by 5,200 jobs from the preliminary estimate.

Goods-producing industries increased by 4,700 jobs over the month, with manufacturing gaining 7,100 jobs. Private service-providing industries remained unchanged between August 2023 and September 2023. Employment in private service-providing industries increased in private education and health services (1,700 jobs); trade, transportation, and utilities (900 jobs); and other services (900 jobs). Employment decreased in leisure and hospitality (-1,900 jobs); professional and business services (-900 jobs); information (-500 jobs); and financial activities (-200 jobs). Total government employment increased by 500 jobs over the month, with an increase in local government (900 jobs) and decreases in federal (-100 jobs) and state government (-300).

Over the year, total payroll employment increased by 43,700 jobs from September 2022 to September 2023. The largest gains were in private education and health services (14,700 jobs); leisure and hospitality (10,500 jobs); manufacturing (6,300 jobs); other services (5,300 jobs); professional and business services (4,700 jobs); trade, transportation, and utilities (1,100 jobs); and financial activities (1,000 jobs). Employment decreased in mining, logging, and construction (-6,300 jobs) and information (-2,200 jobs).  Government employment increased by 8,600 jobs over the year, with increases in local (6,800 jobs), state (1,100 jobs), and federal government (700 jobs).

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

All News RSS Feed Business State News Top Stories Thursday, October 19th, 2023

Reporter Mike Anthony