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Thu. Jul 25th, 2024

 

Monthly Jobs Report Shows Unemployment Rate Steady In Missouri

Missouri non-farm payroll employment increased by some 37-hundred jobs for the month of May with the seasonally adjusted unemployment rate holding steady at 2.5 percent.

The Missouri Monthly Jobs Report also indicates that private industry employment also increased while government employment increased by 400 jobs.

Over the past year, the state showed an increase of 55-thousand jobs from May-2022 to May of this year with the overall unemployment rate nudging up four-tenths of a point to 2.5 percent this year compared to 2022.

Goods producing jobs led the gainers by 900 jobs over the month.

The information trade led the losers with a net loss of 12-hundred jobs.

 

***Full Report:

Missouri non-farm payroll employment increased by 3,700 jobs in May 2023, and the seasonally adjusted unemployment rate held steady at 2.5 percent. Private industry employment increased by 3,300 jobs and government employment increased by 400 jobs. The state’s seasonally adjusted unemployment rate was 2.5 percent in May 2023, unchanged from April 2023. Over the year, there was an increase of 55,600 jobs from May 2022 to May 2023, and the unemployment rate increased by four-tenths of a percentage point, from 2.1 percent in May 2022 to 2.5 percent in May 2023.

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate was unchanged in May 2023 at 2.5 percent. The May 2023 rate increased by four-tenths of a percentage point from the May 2022 rate of 2.1 percent. The estimated number of unemployed Missourians was 78,891 in May 2023, up by 965 from April.

The state’s not-seasonally-adjusted unemployment rate increased in May 2023, rising by half of a percentage point to 2.9 percent from the April 2023 not-seasonally-adjusted rate of 2.4 percent. A year ago, the not-seasonally-adjusted rate was 2.3 percent. The corresponding not-seasonally-adjusted national rate for May 2023 was 3.4 percent.

Missouri’s labor force participation rate was 63.4 percent in May 2023, eight-tenths of a percentage point higher than the national rate of 62.6 percent. Missouri’s employment-population ratio was 61.8 percent in May 2023, 1.5 percentage points higher than the national rate of 60.3 percent. Missouri’s unemployment rate of 2.5 percent was 1.2 percentage points 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 non-farm payroll employment was 2,977,700 in May 2023, up by 3,700 from the revised April 2023 figure. The April 2023 total was revised downward by 600 jobs from the preliminary estimate.

Goods-producing industries increased by 900 jobs over the month, with manufacturing gaining 600 jobs and mining, logging, and construction gaining 300 jobs. Private service-providing industries increased by 2,400 jobs between April 2023 and May 2023. Employment in private service-providing industries increased in professional and business services (3,800 jobs), leisure and hospitality (1,000 jobs), and other services (500 jobs). Employment decreased in information (-1,200 jobs); trade, transportation, and utilities (-1,100 jobs); and financial activities (-600 jobs). Employment in private education and health services was unchanged from April. Total government employment increased by 400 jobs over the month. Federal (300 jobs) and local (200 jobs) increased while state government decreased (-100 jobs).

Over the year, total payroll employment increased by 55,600 jobs from May 2022 to May 2023. The largest gain was in leisure and hospitality (14,000 jobs); professional and business services (13,000 jobs); manufacturing (10,000 jobs); private education and health services (8,700 jobs); other services (4,800 jobs); financial activities (900 jobs); and trade, transportation, and utilities (200 jobs). Employment decreased in mining, logging, and construction (-1,000 jobs) and information (-900 jobs). Government employment increased by 5,900 jobs over the year, with an increase in local government (5,800 jobs) and federal government (500 jobs) and a decrease in state government (-400 jobs).

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

Reporter Mike Anthony