Employment Increases For June Despite Increase In Unemployment Rate

Missouri nonfarm payroll employment increased by 14,700 jobs while the seasonally adjusted unemployment rate increased by two-tenths of one-percent for June 2024.

That’s according to figures released on Wednesday by the Missouri Economic Research and Information Center which also reports that private industry employment also increased by 14,600 jobs with government employment showing an increase of 100 jobs.

Over the year, there’s been an increase of 95,700 jobs despite the unemployment rate increasing from 3-percent in June-2023 to 3.7-percent in June of this year.

Full Report:

Missouri nonfarm payroll employment increased by 14,700 jobs in June 2024, and the seasonally adjusted unemployment rate increased by two-tenths of a percentage point. Private industry employment increased by 14,600 jobs and government employment increased by 100 jobs. Over the year, there was an increase of 95,700 jobs from June 2023 to June 2024, and the unemployment rate increased by seven-tenths of a percentage point, from 3 percent in June 2023 to 3.7 percent in June 2024.

EMPLOYMENT

Missouri’s nonfarm payroll employment was 3,072,300 in June 2024, up by 14,700 from the revised May 2024 figure. The May 2024 total was revised upward by 6,800 jobs from the preliminary estimate.

Goods-producing industries decreased by 1,100 jobs over the month, with manufacturing decreasing by 1,000 jobs and mining, logging, and construction decreasing by 100 jobs. Private service-providing industries increased by 15,700 jobs between May 2024 and June 2024. Employment in private service-providing industries increased in private education and health services (7,400 jobs); leisure and hospitality (4,200 jobs); trade, transportation, and utilities (3,200 jobs); financial activities (800 jobs); and professional and business services (400 jobs). Employment decreased in other services (-200 jobs) and information (-100 jobs). Total government employment increased by 100 jobs over the month, with an increase in state government (700 jobs) and decreases in local (-500 jobs) and federal government (-100 jobs).

Over the year, total payroll employment increased by 95,700 jobs from June 2023 to June 2024. The largest gain was in private education and health services (28,500 jobs); leisure and hospitality (21,400 jobs); trade, transportation, and utilities (11,300 jobs); mining, logging, and construction (10,300 jobs); financial activities (6,400 jobs); other services (4,200 jobs); manufacturing (2,300 jobs); and information (200 jobs). Employment decreased in professional and business services (-1,100 jobs). Government employment increased by 12,200 jobs over the year, with increases in local (5,500 jobs), state (5,400 jobs), and federal government (1,300 jobs).

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate increased by two-tenths of a percentage point in June 2024, increasing to 3.7 percent from the revised May 2024 rate of 3.5 percent. The June 2024 rate was seven-tenths of a percentage point higher than the June 2023 rate. The estimated number of unemployed Missourians was 114,479 in June 2024, up by 5,099 from the revised May total of 109,380. The number of employed Missourians also increased in the month, growing by 4,351.

The state’s not-seasonally-adjusted unemployment rate increased in June 2024 by three-tenths of a percentage point to 4.2 percent from the May 2024 not-seasonally-adjusted rate of 3.9 percent. A year ago, the not-seasonally-adjusted rate was 3.2 percent. The corresponding not-seasonally-adjusted national rate for June 2024 was 4.3 percent.

Missouri’s labor force participation rate was 63.6 percent in June 2024, one point higher than the national rate of 62.6 percent. Missouri’s employment-population ratio was 61.2 percent in June 2024, 1.1 percentage points higher than the national rate of 60.1 percent. Missouri’s unemployment rate was 3.7 percent in June 2024, four-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.