Missouri nonfarm payroll employment increased by 3,700 jobs in May 2023, while the seasonally adjusted unemployment rate remained steady at 2.5%. Private industry employment saw a rise of 3,300 jobs, and government employment increased by 400 jobs. The state’s seasonally adjusted unemployment rate for May 2023 remained unchanged from April 2023 at 2.5%. Over the year, there was a net increase of 55,600 jobs from May 2022 to May 2023, and the unemployment rate rose by 0.4 percentage points, going from 2.1% in May 2022 to 2.5% in May 2023.
UNEMPLOYMENT
Missouri’s seasonally adjusted unemployment rate held steady in May 2023 at 2.5%. This represented a 0.4 percentage point increase from the May 2022 rate of 2.1%. In May 2023, the estimated number of unemployed individuals in Missouri rose by 965 compared to April, reaching a total of 78,891.
The state’s not seasonally adjusted unemployment rate rose in May 2023, increasing by 0.5 percentage points to 2.9% from the April 2023 rate of 2.4%. One year prior, the not-seasonally adjusted rate was 2.3%. The corresponding national not seasonally adjusted rate for May 2023 was 3.4%.
Missouri’s labor force participation rate in May 2023 was 63.4%, which was 0.8 percentage points higher than the national rate of 62.6%. The employment-population ratio for Missouri in May 2023 was 61.8%, showing a 1.5 percentage point lead over the national rate of 60.3%. Missouri’s unemployment rate of 2.5% was 1.2 percentage points lower than the national rate of 3.7%. Missouri has maintained an unemployment rate at or below the national rate for more than eight years.
EMPLOYMENT
Missouri’s nonfarm payroll employment in May 2023 was 2,977,700, indicating an increase of 3,700 jobs from the revised April 2023 figure. The April 2023 total was revised downward by 600 jobs from the initial estimate.
Within the goods-producing industries, there was a gain of 900 jobs during the month. Manufacturing saw an increase of 600 jobs, while mining, logging, and construction gained 300 jobs. Private service-providing industries experienced a rise of 2,400 jobs between April 2023 and May 2023. Professional and business services added 3,800 jobs, leisure and hospitality gained 1,000 jobs, and other services added 500 jobs. However, employment decreased in information (-1,200 jobs), trade, transportation, utilities (-1,100 jobs), and financial activities (-600 jobs). Employment in private education and health services remained unchanged from April. Total government employment increased by 400 jobs during the month, with federal employment seeing a gain of 300 jobs, local employment increased by 200 jobs, and state employment decreased by 100 jobs.
Over the year, total payroll employment saw a net increase of 55,600 jobs from May 2022 to May 2023. The largest gains were seen in leisure and hospitality (14,000 jobs), professional and business services (13,000 jobs), manufacturing (10,000 jobs), private education and health services (8,700 jobs), other services (4,800 jobs), financial activities (900 jobs), and trade, transportation, and utilities (200 jobs). Employment, however, decreased in mining, logging, and construction (-1,000 jobs) and information (-900 jobs). Government employment saw an increase of 5,900 jobs over the year, with local government gaining 5,800 jobs, federal government gaining 500 jobs, and state government experiencing a decrease of 400 jobs.
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