February Jobs Report Shows Growing Job Market In Missouri

The February 2023 monthly jobs report has been released by the Missouri Economic Research and Information Center.

The report indicates that non-farm payroll employment increased by 1,800 jobs from January while the seasonally adjusted unemployment rate decreased by one-tenth of a percent.

Private industry employment also increased by 1,700 jobs which decreased the unemployment rate for that sector down to 2.6 percent from 2.7 percent in January.

The estimated number of unemployed Missourians for February came in at just under 80,000 which was down a little from the 82,000 reported in January.

***Full report:

Missouri non-farm payroll employment increased by 1,800 jobs from January 2023 to February 2023, and the seasonally adjusted unemployment rate decreased by one-tenth of a percentage point. Private industry employment increased by 1,700 jobs and government employment increased by 100 jobs. The state’s seasonally adjusted unemployment rate was 2.6 percent in February 2023, down from 2.7 percent in January 2023. Over the year, there was an increase of 58,000 jobs from February 2022 to February 2023, and the unemployment rate decreased by one-tenth of a percentage point, from 2.7 percent in February 2022 to 2.6 percent in February 2023.

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate decreased by one-tenth of a percentage point in February 2023, declining to 2.6 percent from the revised January 2023 rate of 2.7 percent. The February 2023 rate was one-tenth of a percentage point lower than the February 2022 rate. A year ago, the state’s seasonally adjusted rate was 2.7 percent. The estimated number of unemployed Missourians was 79,698 in February 2023, down by 2,184 from January’s 81,882.

The national unemployment rate increased from 3.4 in January 2023 to 3.6 in February 2023. Missouri’s unemployment rate has been at or below the national rate for more than the last five years.

The state’s not-seasonally-adjusted unemployment rate decreased in February 2023, declining by one-tenth of a percentage point to 2.7 percent from the January 2023 not-seasonally-adjusted rate of 2.8 percent. A year ago, the not-seasonally-adjusted rate was 3.1 percent. The corresponding not-seasonally-adjusted national rate for February 2023 was 3.9 percent.

Missouri’s labor force participation rate was 62.8 percent in February 2023, three-tenths of a percentage point higher than the national rate of 62.5 percent. Missouri’s employment-population ratio was 61.1 percent in February 2023, nine-tenths of a percentage point higher than the national rate of 60.2 percent.

EMPLOYMENT

Missouri’s non-farm payroll employment was 2,962,000 in February 2023, up by 1,800 from the revised January 2023 figure. The January 2023 total was revised downward by 8,400 jobs from the preliminary estimate.

Goods-producing industries increased by 3,900 jobs over the month, with manufacturing gaining 3,800 jobs, and mining, logging, and construction gaining 100 jobs. Private service-providing industries decreased by 2,200 jobs between January 2023 and February 2023. Employment in private service-providing industries decreased in professional and business services (-2,700 jobs); private education and health services (-1,100 jobs); other services (-1,100 jobs); and information (-400 jobs). Employment increased in trade, transportation, and utilities (1,900 jobs); leisure and hospitality (700 jobs); and financial activities (500 jobs). Total government employment increased by 100 jobs over the month with an increase in local government (200 jobs) and a decrease in state government (-100 jobs).

Over the year, total payroll employment increased by 58,000 jobs from February 2022 to February 2023. The largest gain was in leisure and hospitality (14,900 jobs), followed by manufacturing (13,000 jobs); private education and health services (10,400 jobs); financial activities (5,600 jobs); other services (5,400 jobs); professional and business services (4,900 jobs); mining, logging, and construction (800 jobs); and information (400 jobs). Employment decreased slightly in trade, transportation, and utilities (-200 jobs). Government employment increased by 2,800 jobs over the year. Local (3,100 jobs) and state (600 jobs) government increased, while federal government decreased by 900 jobs.

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