Missouri unemployment drops to 3.7 percent, staying below national rate

Missouri’s nonfarm payroll employment increased by 1,200 jobs in November 2024, accompanied by a slight decrease in the state’s seasonally adjusted unemployment rate, which fell by one-tenth of a percentage point to 3.7 percent. Over the past year, the state added 81,800 jobs, although the unemployment rate rose by four-tenths of a percentage point from 3.3 percent in November 2023.

Employment Trends

Missouri’s nonfarm payroll employment totaled 3,077,000 in November 2024, reflecting an upward revision of 4,900 jobs to October’s preliminary estimate.

Goods-producing industries saw a decline of 800 jobs over the month, with gains of 200 jobs in mining, logging, and construction offset by a loss of 1,000 jobs in manufacturing. Private service-providing industries experienced a net loss of 700 jobs.

Within private service-providing industries, notable monthly changes included:

• Leisure and hospitality (-2,900 jobs)
• Trade, transportation, and utilities (-2,400 jobs)
• Information (-200 jobs)
• Gains in private education and health services (2,700 jobs), other services (900 jobs), financial activities (800 jobs), and professional and business services (400 jobs).

Government employment increased by 2,700 jobs, driven by gains at the local (2,700 jobs) and state (200 jobs) levels, while federal employment declined by 200 jobs.

Over the year, Missouri saw robust job growth across multiple sectors, with significant gains in private education and health services (25,100 jobs), leisure and hospitality (8,900 jobs), mining, logging, and construction (7,400 jobs), and financial activities (7,300 jobs). Manufacturing added 4,500 jobs, and government employment increased by 18,900 jobs, including local (14,100 jobs), state (4,100 jobs), and federal government (700 jobs). Employment in information was the only sector to decline over the year, losing 200 jobs.

Unemployment Rate

Missouri’s seasonally adjusted unemployment rate declined to 3.7 percent in November 2024, down from 3.8 percent in October 2024. The number of unemployed Missourians fell by 1,670 to 118,351. However, the November 2024 unemployment rate was higher than the November 2023 rate of 3.3 percent.

The not-seasonally-adjusted unemployment rate also dropped by one-tenth of a percentage point, reaching 3.3 percent in November 2024, compared to 3.4 percent in October. The corresponding national rate for November 2024 was higher at 4 percent.

Labor Force Metrics

Missouri’s labor force participation rate stood at 63.9 percent in November 2024, exceeding the national rate of 62.5 percent. The state’s employment-population ratio was 61.5 percent, surpassing the national average of 59.8 percent. Missouri’s unemployment rate of 3.7 percent remained below the national rate of 4.2 percent, continuing a nine-year trend of staying at or below the national average.

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