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Sat. Apr 13th, 2024

 

Missouri Jobs Report Shows Unemployment Rate Unchanged From December

All News RSS Feed Business Front Page News State News Thursday, February 29th, 2024

Missouri’s nonfarm payroll employment lost 800 jobs in January with the seasonally adjusted unemployment rate remaining unchanged from December at 3.3 percent.

That’s according to the Missouri Economic Research and Information Center.

The report also indicates that private industry employment dropped 300 jobs while government employment decreased by 500 jobs.

Over the past year, January-2023 to January of this year, there was an overall increase of 42,100 jobs with the unemployment rate increasing by half a percentage point from 2.8 percent to 3.3 percent.

 

***Full Report:

Missouri nonfarm payroll employment decreased by 800 jobs in January 2024, and the seasonally adjusted unemployment rate remained unchanged from December at 3.3 percent. Private industry employment decreased by 300 jobs and government employment decreased by 500 jobs. Over the year, there was an increase of 42,100 jobs from January 2023 to January 2024, and the unemployment rate increased by half of a percentage point, from 2.8 percent in January 2023 to 3.3 percent in January 2024.

ANNUAL REVISIONS FOR 2023 DATAWith the release of January 2024 data, previously released employment and unemployment estimates for Missouri statewide and sub-state areas from both Local Area Unemployment Statistics (LAUS) and Current Employment Statistics (CES) programs have been revised through the annual revision and benchmarking process. Revised estimates reflect additional data and estimation methods developed over the year, including new population controls from the Census Bureau, updated input data, and reestimation.

The revision process resulted in Missouri’s seasonally adjusted unemployment in 2023 being adjusted upwards for every month except December. December’s revised unemployment went down by 1,000 people. Missouri’s unemployment increased over the year by between 502 to 11,634 people per month. During 2023, Missouri’s total unemployment increased from a revised 86,079 people in January 2023 to 100,920 people in December. The unemployment rate in 2023 increased for most months of the year by 0.1 to 0.4 percentage points. December’s revised unemployment rate remained unchanged at 3.3 percent. During 2023, Missouri’s unemployment rate increased from a revised 2.8 percent in January 2023 to 3.3 percent in December. Missouri’s unemployment rate was below the national rate for the year.

Revised data for 2023 show that seasonally adjusted total nonfarm payroll employment averaged lower than reported in the original release for every month. On net from January 2023 to December 2023, Missouri gained over 2,000 fewer jobs than reported in the original estimates. Revised estimates reported fewer job gains over the year primarily due to the revised May, June, July, and August being lower than the original estimates by 13,100 jobs, 17,700 jobs, 19,200 jobs, and 15,200 jobs, respectively. The original estimates for October, November, and December were within 5,000 jobs of the final estimates.

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate remained unchanged in January 2024 at 3.3 percent from the revised December 2023 rate. The January 2024 rate was half of a percentage point higher than the January 2023 rate of 2.8 percent. The estimated number of unemployed Missourians was 101,652 in January 2024, up by 732 from the revised December total of 100,920.

The state’s not-seasonally-adjusted unemployment rate increased in January 2024 by nine-tenths of a percentage point to 3.8 percent, compared to the December 2023 not-seasonally-adjusted rate of 2.9 percent. A year ago, the not-seasonally-adjusted rate was 3.2 percent. The corresponding not-seasonally-adjusted national rate for January 2024 was 4.1 percent.

Missouri’s labor force participation rate was 63.1 percent in January 2024, six-tenths of a percentage point higher than the national rate of 62.5 percent. Missouri’s employment-population ratio was 61 percent in January 2024, eight-tenths of a percentage point higher than the national rate of 60.2 percent. Missouri’s unemployment rate was 3.3 percent in January 2024, four-tenths of a percentage point lower than the national rate of 3.7 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 2,999,800 in January 2024, down by 800 from the revised December 2023 figure. The December 2023 total was revised downward by 4,500 jobs from the preliminary estimate.

Goods-producing industries decreased by 2,600 jobs over the month, with mining, logging, and construction gaining 100 jobs. Private service-providing industries increased by 2,300 jobs between December 2023 and January 2024. Employment in private service-providing industries increased in professional and business services (4,300 jobs), financial activities (1,400 jobs), leisure and hospitality (900 jobs), and information (100 jobs). Employment decreased in trade, transportation, and utilities (-3,400 jobs); other services (-600 jobs); and private education and health services (-400 jobs). Total government employment decreased by 500 jobs over the month, with a decrease in local government (-700 jobs) and small increases in federal (100 jobs) and state (100 jobs) government.

Over the year, total payroll employment increased by 42,100 jobs from January 2023 to January 2024. The largest gain was in private education and health services (16,600 jobs); followed by leisure and hospitality (14,100 jobs); financial activities (5,500 jobs); trade, transportation, and utilities (4,400 jobs); mining, logging, and construction (2,400 jobs); other services (300 jobs); and information (200 jobs). Employment decreased in professional and business services (-5,400 jobs) and manufacturing (-3,300 jobs). Government employment increased by 7,300 jobs over the year, with increases in state (3,600 jobs), local (2,400 jobs), and federal government (1,300 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, February 29th, 2024

Reporter John Rogger