April Jobs Report Released With “Mixed Bag” Of Numbers For Missouri

It’s another mixed bag of numbers for the April-2024 Jobs Report released by the Missouri Economic Research and Information Center.

The report shows that nonfarm payroll employment increased by 16,700 jobs while the seasonally adjusted unemployment rate increased by one-tenth of a percentage point to 3.4 percent.

The goods-producing sector saw an increase of 5,900 jobs over the month while  manufacturing gained 3,500 jobs. In the private service sector, there was an increase of 10,500 jobs between March and April of this year.

For the year, total payroll employment increased by 74,900 jobs with the largest gains in private education and health services while professional and business services showed a loss of 2,000 jobs.

Here’s the full report:

Missouri nonfarm payroll employment increased by 16,700 jobs in April 2024, and the seasonally adjusted unemployment rate increased by one-tenth of a percentage point to 3.4 percent. Private industry employment increased by 16,400 jobs and government employment increased by 300 jobs. Over the year, there was an increase of 74,900 jobs from April 2023 to April 2024, and the unemployment rate increased by half of a percentage point, from 2.9 percent in April 2023 to 3.4 percent in April 2024.

EMPLOYMENT

Missouri’s nonfarm payroll employment was 3,042,600 in April 2024, up by 16,700 from the revised March 2024 figure. The March 2024 total was revised upward by 3,900 jobs from the preliminary estimate.

Goods-producing industries increased by 5,900 jobs over the month, with manufacturing gaining 3,500 jobs and mining, logging, and construction gaining 2,400 jobs. Private service-providing industries increased by 10,500 jobs between March 2024 and April 2024. Employment in private service-providing industries increased in private education and health services (2,900 jobs); professional and business services (2,000 jobs); leisure and hospitality (1,900 jobs); other services (1,400 jobs); trade, transportation, and utilities (1,200 jobs); information (900 jobs); and financial activities (200 jobs). No private high-level industries reported a decline in employment for the month. Total government employment increased by 300 jobs over the month, with increases in local government (600 jobs) and decreases in federal (-200 jobs) and state government (-100 jobs).

Over the year, total payroll employment increased by 74,900 jobs from April 2023 to April 2024. The largest gains were in private education and health services (22,600 jobs); leisure and hospitality (15,000 jobs); mining, logging, and construction (9,800 jobs); trade, transportation, and utilities (6,300 jobs); other services (5,100 jobs); financial activities (4,100 jobs); manufacturing (2,900 jobs); and information (500 jobs). Employment decreased in professional and business services (-2,000 jobs). Government employment increased by 10,600 jobs over the year, with increases in local (5,000 jobs), state (4,100 jobs), and federal government (1,500 jobs).

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate increased by one-tenth of a percentage point in April 2024, reaching 3.4 percent from the revised March 2024 rate of 3.3 percent. The April 2024 rate of 3.4 percent was half of a percentage point higher than the April 2023 rate of 2.9 percent. The estimated number of unemployed Missourians was 105,408 in April 2024, up 1,734 from the revised March total of 103,674.

The state’s not-seasonally-adjusted unemployment rate decreased in April 2024, declining by half of a percentage point to 3.2 percent from the March 2024 not-seasonally-adjusted rate of 3.7 percent. A year ago, the not-seasonally-adjusted rate was 2.6 percent. The corresponding not-seasonally-adjusted national rate for April 2024 was 3.5 percent.

Missouri’s labor force participation rate was 63.3 percent in April 2024, six-tenths of a percentage point higher than the national rate of 62.7 percent. Missouri’s employment-population ratio was 61.1 percent in April 2024, nine-tenths of a percentage point higher than the national rate of 60.2 percent. Missouri’s unemployment rate was 3.4 percent in April 2024, half of a percentage point lower than the national rate of 3.9 percent. Missouri’s unemployment rate has been at or below the national rate for nine years.

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