May 2024 sees increase in Missouri jobs, unemployment at 3.5%

Jobs Report
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Missouri nonfarm payroll employment increased by 5,900 jobs in May 2024, and the seasonally adjusted unemployment rate increased by one-tenth of a percentage point. Private industry employment increased by 4,000 jobs, and government employment increased by 1,900 jobs. Over the year, there was an increase of 82,000 jobs from May 2023 to May 2024, and the unemployment rate increased by six-tenths of a percentage point, from 2.9 percent in May 2023 to 3.5 percent in May 2024.

Employment

Missouri’s nonfarm payroll employment was 3,050,800 in May 2024, up by 5,900 from the revised April 2024 figure. The April 2024 total was revised upward by 2,300 jobs from the preliminary estimate.

Goods-producing industries increased by 1,300 jobs over the month, with manufacturing gaining 1,500 jobs. Private service-providing industries increased by 2,700 jobs between April 2024 and May 2024. Employment in private service-providing industries increased in leisure and hospitality (1,700 jobs); trade, transportation, and utilities (1,400 jobs); financial activities (1,200 jobs); and professional and business services (300 jobs). Employment decreased in other services (-900 jobs); private education and health services (-500 jobs); and information (-500 jobs). Total government employment increased by 1,900 jobs over the month, with increases in local (1,700 jobs) and federal government (300 jobs) and decreases in state government (-100 jobs).

Over the year, total payroll employment increased by 82,000 jobs from May 2023 to May 2024. Employment gains were in private education and health services (21,100 jobs); leisure and hospitality (18,800 jobs); mining, logging, and construction (9,400 jobs); trade, transportation, and utilities (7,000 jobs); financial activities (5,300 jobs); other services (4,800 jobs); and manufacturing (4,400 jobs). Employment decreased in professional and business services (-1,400 jobs) and information (-100 jobs). Government employment increased by 12,700 jobs over the year, with increases in local (6,900 jobs), state (4,200 jobs), and federal government (1,600 jobs).

Unemployment

Missouri’s smoothed seasonally adjusted unemployment rate increased by one-tenth of a percentage point in May 2024, increasing to 3.5 percent from the revised April 2024 rate of 3.4 percent. The May 2024 rate was six-tenths of a percentage point higher than the May 2023 rate of 2.9 percent. The estimated number of unemployed Missourians was 109,398 in May 2024, up by 3,990 from the revised April total of 105,408.

The state’s not-seasonally-adjusted unemployment rate increased in May 2024 by seven-tenths of a percentage point to 3.9 percent from the April 2024 not-seasonally-adjusted rate of 3.2 percent. A year ago, the not-seasonally-adjusted rate was 3.1 percent. The corresponding not-seasonally adjusted national rate for May 2024 was 3.7 percent.

Missouri’s labor force participation rate was 63.4 percent in May 2024, nine-tenths of a percentage point higher than the national rate of 62.5 percent. Missouri’s employment-population ratio was 61.2 percent in May 2024, 1.1 percentage points higher than the national rate of 60.1 percent. Missouri’s unemployment rate was 3.5 percent in May 2024, half a percentage point lower than the national rate of 4 percent. Missouri’s unemployment rate has been at or below the national rate for more than nine years.

Read the full report at Missouri Monthly Jobs Report.


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