Monthly Jobs Report Shows Increases In Jobs For February

Good news from the Missouri Monthly Jobs Report.

The report compiled by the Missouri Economic Research and Information Center shows that nonfarm payroll, private industry and government employment were all up for the month of February with nonfarm payroll leading the way with an increase of 7,800 jobs.

Private industry employment showed an increase of 6,500 jobs and government employment reflected an increase of 1,300 jobs.

Over the year, the jobs report showed an increase of 46,000 jobs with the overall unemployment rate increasing by one-half a point from 2.8 in February-2023 to 3.3 percent in February of this year.

****Full Report:

Missouri nonfarm payroll employment increased by 7,800 jobs in February 2024, and the seasonally adjusted unemployment rate remained unchanged from January’s 3.3 percent. Private industry employment increased by 6,500 jobs and government employment increased by 1,300 jobs. Over the year, there was an increase of 46,000 jobs from February 2023 to February 2024, and the unemployment rate increased by half of a percentage point, from 2.8 percent in February 2023 to 3.3 percent in February 2024.

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate remained unchanged in February 2024 at 3.3 percent from the revised January 2024 rate. The February 2024 rate was half of a percentage point higher than the February 2023 rate. The estimated number of unemployed Missourians was 103,023 in February 2024, up by 1,445 from the revised January total of 101,578.

The state’s not-seasonally-adjusted unemployment rate increased in February 2024 by two-tenths of a percentage point to 4 percent from the January 2024 not-seasonally-adjusted rate of 3.8 percent. A year ago, the not-seasonally-adjusted rate was 3.3 percent. The corresponding not-seasonally-adjusted national rate for February 2024 was 4.2 percent.

Missouri’s labor force participation rate was 63.1 percent in February 2024, six-tenths of a percentage point higher than the national rate of 62.5 percent. Missouri’s employment-population ratio was 61 percent in February 2024, nine-tenths of a percentage point higher than the national rate of 60.1 percent. Missouri’s unemployment rate was 3.3 percent in February 2024, six-tenths 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 more than eight years.

EMPLOYMENT

Missouri’s nonfarm payroll employment was 3,011,400 in February 2024, up by 7,800 from the revised January 2024 figure. The January 2024 total was revised upward by 3,800 jobs from the preliminary estimate.

Goods-producing industries increased by 5,600 jobs over the month, with mining, logging, and construction gaining 3,800 jobs and manufacturing gaining 1,800 jobs. Private service-providing industries increased by 900 jobs between January 2024 and February 2024. Employment in private service-providing industries increased in professional and business services (5,300 jobs) and private education and health services (2,400 jobs). Employment decreased in leisure and hospitality (-4,700 jobs); financial activities (-1,100 jobs); trade, transportation, and utilities (-600 jobs); information (-300 jobs); and other services (-100 jobs). Total government employment increased by 1,300 jobs over the month, with increases in state (1,100 jobs) and federal government (300 jobs) and a decrease in local government (-100 jobs).

Over the year, total payroll employment increased by 46,000 jobs from February 2023 to February 2024. The largest gains were in private education and health services (18,200 jobs); mining, logging, and construction (6,300 jobs); leisure and hospitality (5,700 jobs); financial activities (3,900 jobs); trade, transportation, and utilities (3,500 jobs); and other services (1,100 jobs). Employment decreased in professional and business services (-1,500 jobs) and manufacturing (-600 jobs). Government employment increased by 9,400 jobs over the year, with increases in state (4,500 jobs), local (3,400 jobs), and federal government (1,500 jobs).

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