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Wed. Feb 28th, 2024

 

Monthly Jobs Report Released – Showing Job Increases Across All Sectors

All News RSS Feed Business State News Top Stories Thursday, December 21st, 2023

The November Monthly Jobs Report has been released by the Missouri Economic Research and Information Center.

The report indicates that nonfarm payroll employment increased by 5,900 jobs while private industry employment also showed a healthy increase of 5,600 jobs and government employment increasing by 300 jobs.

Goods producing industries showed the largest job gains for the month with professional and business services showing the biggest losses for the month.

Statewide, there has been an increase of 40,700 jobs from November-2022 to November of this year which translates to an overall unemployment rate of 3.2 in November…up half a point from 2.7 percent in November of 2022.

 

Full Report:

Missouri nonfarm payroll employment increased by 5,900 jobs in November 2023, and the seasonally adjusted unemployment rate increased by one-tenth of a percentage point. Private industry employment increased by 5,600 jobs and government employment increased by 300 jobs. The state’s seasonally adjusted unemployment rate was 3.2 percent in November 2023, up from 3.1 percent in October 2023. Over the year, there was an increase of 40,700 jobs from November 2022 to November 2023, and the unemployment rate increased by half of a percentage point, from 2.7 percent in November 2022 to 3.2 percent in November 2023.

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate increased by one-tenth of a percentage point in November 2023, increasing to 3.2 percent from the revised October 2023 rate of 3.1 percent. The November 2023 rate was half of a percentage point higher than the November 2022 rate of 2.7 percent. The estimated number of unemployed Missourians was 100,927 in November 2023, up 3,105 from October’s 97,822.

The state’s not-seasonally-adjusted unemployment rate decreased in November 2023, declining by three-tenths of a percentage point to 2.9 percent from the October 2023 not-seasonally-adjusted rate of 3.2 percent. A year ago, the not-seasonally-adjusted rate was 2.3 percent. The corresponding not-seasonally-adjusted national rate for November 2023 was 3.5 percent.

Missouri’s labor force participation rate was 63.5 percent in November 2023, seven-tenths of a percentage point higher than the national rate of 62.8 percent. Missouri’s employment-population ratio was 61.4 percent in November 2023, nine-tenths of a percentage point higher than the national rate of 60.5 percent. Missouri’s unemployment rate was 3.2 percent in November 2023, half 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 2,997,800 in November 2023, up 5,900 from the revised October 2023 figure. The October 2023 total was revised downward by 800 jobs from the preliminary estimate.

Goods-producing industries increased by 4,300 jobs over the month, with gains of 3,000 jobs in manufacturing and 1,300 jobs in mining, logging, and construction. Private service-providing industries increased by 1,300 jobs between October 2023 and November 2023. Employment in private service-providing industries increased in leisure and hospitality (2,800 jobs); private education and health services (1,100 jobs); trade, transportation, and utilities (900 jobs); financial activities (500 jobs); and information (200 jobs). Employment decreased in professional and business services (-3,600 jobs) and other services (-600 jobs). Total government employment increased by 300 jobs over the month, with an increase in local government (500 jobs) and a decrease in federal government (-200 jobs).

Over the year, total payroll employment increased by 40,700 jobs from November 2022 to November 2023. The largest gain was in private education and health services (18,100 jobs), followed by leisure and hospitality (11,900 jobs); other services (4,000 jobs); trade, transportation, and utilities (3,900 jobs); manufacturing (2,100 jobs); and financial activities (1,600 jobs). Employment decreased in mining, logging, and construction (-4,600 jobs); professional and business services (-1,900 jobs); and information (-1,900 jobs). Government employment increased by 7,500 jobs over the year, with increases in local government (6,800 jobs) and federal government (1,000 jobs) and a decrease in state government (-300 jobs).

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

All News RSS Feed Business State News Top Stories Thursday, December 21st, 2023

Reporter Mike Anthony