March Jobs Report Shows Increase In Jobs Across Missouri

The Missouri Economic Research and Information Center has released its monthly jobs report for March which is showing mostly good news.

The report indicates that nonfarm payroll employment increased by more than 8,000 jobs, private industry employment increased by more than 7,000 jobs and government employment showed a gain of 1,000 jobs.

Overall, despite an increase of 54,200 jobs between March-2023 and March of this year, the statewide unemployment rate did show an increase of one-half of one-percent with the seasonally adjusted unemployment rate remaining the same at 3.3 percent.

Read the full report:

Missouri nonfarm payroll employment increased by 8,100 jobs in March 2024, and the seasonally adjusted unemployment rate remained at 3.3 percent. Private industry employment increased by 7,100 jobs and government employment increased by 1,000 jobs. Over the year, there was an increase of 54,200 jobs from March 2023 to March 2024, and the unemployment rate increased by half of a percentage point, from 2.8 percent in March 2023 to 3.3 percent in March 2024.

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate held steady in March 2024 at 3.3 percent. The March 2024 rate was half of a percentage point higher than the March 2023 rate. The estimated number of unemployed Missourians was 103,681 in March 2024, up by 718 from the revised February total of 102,963. In addition, the estimated number of employed Missourians also increased in March, growing by 2,639 to reach a total of 3,000,264.

The state’s not-seasonally-adjusted unemployment rate decreased in March 2024 by three-tenths of a percentage point to 3.7 percent from the February 2024 not-seasonally-adjusted rate of 4 percent. A year ago, the not-seasonally-adjusted rate was 3.2 percent. The corresponding not-seasonally-adjusted national rate for March 2024 was 3.9 percent.

Missouri’s labor force participation rate was 63.1 percent in March 2024, four-tenths of a percentage point higher than the national rate of 62.7 percent. Missouri’s employment-population ratio was 61 percent in March 2024, seven-tenths of a percentage point higher than the national rate of 60.3 percent. Missouri’s unemployment rate was 3.3 percent in March 2024, half of a percentage point lower than the national rate of 3.8 percent. Missouri’s unemployment rate has been at or below the national rate for more than eight years.

EMPLOYMENT

Missouri’s nonfarm payroll employment was 3,022,000 in March 2024, up by 8,100 from the revised February 2024 figure. The February 2024 total was revised upward by 2,500 jobs from the preliminary estimate.

Goods-producing industries decreased by 200 jobs over the month, with manufacturing gaining 200 jobs and mining, logging, and construction declining by 400 jobs. Private service-providing industries increased by 7,300 jobs between February 2024 and March 2024. Employment in private service-providing industries increased in leisure and hospitality (6,200 jobs); private education and health services (2,100 jobs); trade, transportation, and utilities (1,800 jobs); and other services (1,300 jobs). Employment decreased in professional and business services (-3,200 jobs), financial activities (-700 jobs), and information (-200 jobs). Total government employment increased by 1,000 jobs over the month, with increases in federal (400 jobs), local (400 jobs), and state government (200 jobs).

Over the year, total payroll employment increased by 54,200 jobs from March 2023 to March 2024. The largest gains were in private education and health services (20,100 jobs); leisure and hospitality (11,700 jobs); mining, logging, and construction (7,300 jobs); trade, transportation, and utilities (5,600 jobs); financial activities (3,300 jobs); and other services (2,800 jobs). Employment decreased in professional and business services (-6,200 jobs), information (-300 jobs), and manufacturing (-300 jobs). Government employment increased by 10,200 jobs over the year, with increases in state (4,700 jobs), local (3,700 jobs), and federal government (1,800 jobs).

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