June 2024 sees Missouri’s unemployment rate rise to 3.7 percent

Missouri experienced a notable increase in nonfarm payroll employment, adding 14,700 jobs in June 2024. Despite this growth, the state’s seasonally adjusted unemployment rate rose by two-tenths of a percentage point. Private industry employment contributed significantly to this increase, with an addition of 14,600 jobs, while government employment saw a minor increase of 100 jobs. Over the past year, from June 2023 to June 2024, Missouri’s job market expanded by 95,700 jobs, with the unemployment rate rising from 3 percent to 3.7 percent.

Employment Statistics

In June 2024, Missouri’s nonfarm payroll employment reached 3,072,300, reflecting a monthly increase of 14,700 jobs from the revised May 2024 figure. The May 2024 total was adjusted upward by 6,800 jobs from the preliminary estimate.

Goods-producing industries saw a decline of 1,100 jobs over the month, with manufacturing losing 1,000 jobs and mining, logging, and construction decreasing by 100 jobs. Conversely, private service-providing industries experienced a substantial increase of 15,700 jobs between May 2024 and June 2024. Significant gains were observed in private education and health services (7,400 jobs), leisure and hospitality (4,200 jobs), trade, transportation, and utilities (3,200 jobs), financial activities (800 jobs), and professional and business services (400 jobs). However, employment decreased in other services (-200 jobs) and information (-100 jobs). Government employment increased by 100 jobs over the month, with state government adding 700 jobs and local and federal government employment decreasing by 500 and 100 jobs, respectively.

Over the past year, total payroll employment increased by 95,700 jobs. The largest gains were in private education and health services (28,500 jobs), leisure and hospitality (21,400 jobs), trade, transportation, and utilities (11,300 jobs), mining, logging, and construction (10,300 jobs), financial activities (6,400 jobs), other services (4,200 jobs), manufacturing (2,300 jobs), and information (200 jobs). Employment in professional and business services decreased by 1,100 jobs. Government employment saw an annual increase of 12,200 jobs, with local, state, and federal government employment rising by 5,500, 5,400, and 1,300 jobs, respectively.

Unemployment Details

Missouri’s smoothed seasonally adjusted unemployment rate rose to 3.7 percent in June 2024, up from the revised May 2024 rate of 3.5 percent. This rate is seven-tenths of a percentage point higher than in June 2023. The number of unemployed Missourians was 114,479 in June 2024, an increase of 5,099 from the revised May total of 109,380. The number of employed Missourians also grew, increasing by 4,351 over the month.

The state’s not-seasonally-adjusted unemployment rate increased by three-tenths of a percentage point to 4.2 percent in June 2024, compared to 3.9 percent in May 2024. A year ago, the not-seasonally-adjusted rate was 3.2 percent. The corresponding national rate for June 2024 was 4.3 percent.

Missouri’s labor force participation rate was 63.6 percent in June 2024, one percentage point higher than the national rate of 62.6 percent. The state’s employment-population ratio was 61.2 percent, 1.1 percentage points higher than the national rate of 60.1 percent. Missouri’s unemployment rate of 3.7 percent was four-tenths of a percentage point lower than the national rate of 4.1 percent. The state’s unemployment rate has been at or below the national rate for over nine years.

For a detailed report, visit Missouri Monthly Jobs Report.

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