Monthly Jobs Report Shows Increase In Employment Across The State

Missouri nonfarm payroll employment increased by 7,900 jobs in August 2024 while the seasonally adjusted unemployment rate increased by one-tenth of a percent to 3.9 percent.

That’s according to the Monthly Jobs Report released by the Missouri Economic Research and Information Center.

The report also highlights private industry employment increasing by 5,800 jobs and government employment increasing by 2,100 jobs.

Over the year, there was an increase of 98,500 jobs from August 2023 to August 2024 while, at the same time, the unemployment rate increased by seven-tenths of a percent from 3.2 percent in August 2023 to 3.9 percent in August 2024.

Full Report:

Missouri nonfarm payroll employment increased by 7,900 jobs in August 2024, and the seasonally adjusted unemployment rate increased by one-tenth of a percentage point to 3.9 percent. Private industry employment increased by 5,800 jobs and government employment increased by 2,100 jobs. Over the year, there was an increase of 98,500 jobs from August 2023 to August 2024, and the unemployment rate increased by seven-tenths of a percentage point, from 3.2 percent in August 2023 to 3.9 percent in August 2024.

EMPLOYMENT

Missouri’s nonfarm payroll employment was 3,066,800 in August 2024, up by 7,900 from the revised July 2024 figure. The July 2024 total was revised upward by 13,300 jobs from the preliminary estimate.

Goods-producing industries increased by 2,900 jobs over the month, with manufacturing gaining 3,400 jobs. Private service-providing industries increased by 2,900 jobs between July 2024 and August 2024. Employment in private service-providing industries increased in private education and health services (1,800 jobs); professional and business services (1,300 jobs); trade, transportation, and utilities (900 jobs); other services (700 jobs); and information (300 jobs). Employment decreased in leisure and hospitality (-1,900 jobs) and financial activities (-200 jobs). Total government employment increased by 2,100 jobs over the month, with increases in state (1,100 jobs) and local government (1,000 jobs).

Over the year, total payroll employment increased by 98,500 jobs from August 2023 to August 2024. Employment increased in private education and health services (25,700 jobs); leisure and hospitality (22,300 jobs); trade, transportation, and utilities (10,500 jobs); mining, logging, and construction (8,000 jobs); manufacturing (7,900 jobs); financial activities (6,200 jobs); professional and business services (2,900 jobs); other services (2,200 jobs); and information (100 jobs). Government employment increased by 12,700 jobs over the year, with increases in local (6,100 jobs), state (5,600 jobs), and federal government (1,000 jobs).

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate increased by one-tenth of a percentage point in August 2024 to 3.9 percent. The August 2024 rate was seven-tenths of a percentage point higher than the August 2023 rate of 3.2 percent. The estimated number of unemployed Missourians was 122,293 in August 2024, up by 1,445 from the revised July total of 120,848.

The state’s not-seasonally-adjusted unemployment rate decreased in August 2024, declining by seven-tenths of a percentage point to 3.9 percent from the July 2024 not-seasonally-adjusted rate of 4.6 percent. A year ago, the not-seasonally-adjusted rate was 3.3 percent. The corresponding not-seasonally-adjusted national rate for August 2024 was 4.4 percent.

Missouri’s labor force participation rate was 63.9 percent in August 2024, 1.2 percentage points higher than the national rate of 62.7 percent. Missouri’s employment-population ratio was 61.4 percent in August 2024, 1.4 percentage points higher than the national rate of 60 percent. Missouri’s unemployment rate was 3.9 percent in August 2024, three-tenths of a percentage point lower than the national rate of 4.2 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.