September Jobs Report Released Showing Decrease In Jobs Despite Unemployment Rate Not Changing

The September 2024 monthly jobs report has been released by the Missouri Economic Research and Information Center.

The report shows that nonfarm payroll employment decreased by 900 jobs reflecting no change in the seasonally adjusted unemployment rate of 3.9 percent.

The report also shows that private industry employment decreased by 1,300 jobs while government employment increased by 400 jobs.

Over the year, there was an increase of 86,500 jobs from September 2023 to September 2024 with the overall unemployment rate increasing by six-tenths of a percent from 3.3 percent to 3.9 percent…two-tenths of a percent lower than the national rate of 4.1 percent.

Full Report:

Missouri nonfarm payroll employment decreased by 900 jobs in September 2024, and the seasonally adjusted unemployment rate was unchanged from August at 3.9 percent. Private industry employment decreased by 1,300 jobs and government employment increased by 400 jobs. Over the year, there was an increase of 86,500 jobs from September 2023 to September 2024, and the unemployment rate increased by six-tenths of a percentage point, from 3.3 percent in September 2023 to 3.9 percent in September 2024.

EMPLOYMENT

Missouri’s nonfarm payroll employment was 3,064,800 in September 2024, down by 900 from the revised August 2024 figure. The August 2024 total was revised downward by 1,100 jobs from the preliminary estimate.

Goods-producing industries decreased by 400 jobs over the month, with mining, logging, and construction decreasing by 300 jobs and manufacturing decreasing by 100 jobs. Private service-providing industries declined by 900 jobs between August 2024 and September 2024. Employment in private service-providing industries decreased in leisure and hospitality (-1,600 jobs); trade, transportation, and utilities (-1,200 jobs); professional and business services (-400 jobs); and information (-400 jobs). Employment increased in financial activities (1,200 jobs); private education and health services (900 jobs); and other services (600 jobs). Total government employment increased by 400 jobs over the month, with increases in local (300 jobs) and state government (100 jobs).

Over the year, total payroll employment increased by 86,500 jobs from September 2023 to September 2024. The largest gain was in private education and health services (25,800 jobs), followed by leisure and hospitality (18,500 jobs); financial activities (8,400 jobs); trade, transportation, and utilities (6,700 jobs); mining, logging, and construction (6,600 jobs); other services (3,100 jobs); professional and business services (2,400 jobs); and manufacturing (2,100 jobs). Employment decreased in information (-100 jobs). Government employment increased by 13,000 jobs over the year, with increases in local (6,700 jobs), state (5,300 jobs), and federal government (1,000 jobs).

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate remained at 3.9 percent in September 2024. The September 2024 rate was six-tenths of a percentage point higher than the September 2023 rate. The estimated number of unemployed Missourians was 121,636 in September 2024, down by 654 from August’s 122,290.

The state’s not-seasonally-adjusted unemployment rate decreased in September 2024, declining by nine-tenths of a percentage point to 3 percent from the August 2024 not-seasonally-adjusted rate of 3.9 percent. A year ago, the not-seasonally-adjusted rate was 2.7 percent. The corresponding not-seasonally-adjusted national rate for September 2024 was 3.9 percent.

Missouri’s labor force participation rate was 63.9 percent in September 2024, 1.2 percentage points higher than the national rate of 62.7 percent. Missouri’s employment-population ratio was 61.4 percent in September 2024, 1.2 percentage points higher than the national rate of 60.2 percent. Missouri’s unemployment rate was 3.9 percent in September 2024, two-tenths of a percentage point lower than the national rate of 4.1 percent. Missouri’s unemployment rate has been at or below the national rate for more than nine years.

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