November 2024 Monthly Jobs Report Shows Employment Up – Ozark Radio News

Missouri nonfarm payroll employment increased by 1,200 jobs in November 2024, and the seasonally adjusted unemployment rate decreased by one-tenth of a percentage point. Private industry employment decreased by 1,500 jobs and government employment increased by 2,700 jobs. Over the year, there was an increase of 81,800 jobs from November 2023 to November 2024, and the unemployment rate increased by four-tenths of a percentage point, from 3.3 percent in November 2023 to 3.7 percent in November 2024.

EMPLOYMENT

Advertisement

Missouri’s nonfarm payroll employment was 3,077,000 in November 2024, up by 1,200 from the revised October 2024 figure. The October 2024 total was revised upward by 4,900 jobs from the preliminary estimate.

Goods-producing industries decreased by 800 jobs over the month, with mining, logging, and construction gaining 200 jobs and manufacturing declining by 1,000 jobs. Private service-providing industries declined by 700 jobs between October 2024 and November 2024. Employment in private service-providing industries decreased in leisure and hospitality (-2,900 jobs); trade, transportation, and utilities (-2,400 jobs); and information (-200 jobs). Employment increased in private education and health services (2,700 jobs), other services (900 jobs), financial activities (800 jobs), and professional and business services (400 jobs).  Total government employment increased by 2,700 jobs over the month, with increases in local (2,700 jobs) and state government (200 jobs) and decreases in federal government (-200 jobs).

Over the year, total payroll employment increased by 81,800 jobs from November 2023 to November 2024. Employment gains were in private education and health services (25,100 jobs); leisure and hospitality (8,900 jobs); mining, logging, and construction (7,400 jobs); financial activities (7,300 jobs); professional and business services (5,400 jobs); manufacturing (4,500 jobs); other services (3,200 jobs); and trade, transportation, and utilities (1,300 jobs). Employment decreased in information (-200 jobs). Government employment increased by 18,900 jobs over the year, with increases in local (14,100 jobs), state (4,100 jobs), and federal government (700 jobs).

UNEMPLOYMENT

Missouri’s smoothed seasonally adjusted unemployment rate decreased by one-tenth of a percentage point in November 2024, declining to 3.7 percent from the revised October 2024 rate of 3.8 percent. The November 2024 rate was four-tenths of a percentage point higher than the November 2023 rate. The estimated number of unemployed Missourians was 118,351 in November 2024, down by 1,670 from October’s 120,021.

The state’s not-seasonally-adjusted unemployment rate decreased in November 2024, declining by one-tenth of a percentage point to 3.3 percent from the October 2024 not-seasonally-adjusted rate of 3.4 percent. A year ago, the not-seasonally-adjusted rate was 2.8 percent. The corresponding not-seasonally-adjusted national rate for November 2024 was 4 percent.

Missouri’s labor force participation rate was 63.9 percent in November 2024, 1.4 percentage points higher than the national rate of 62.5 percent. Missouri’s employment-population ratio was 61.5 percent in November 2024, 1.7 percentage points higher than the national rate of 59.8 percent. Missouri’s unemployment rate was 3.7 percent in November 2024, half of a percentage point lower than the national rate of 4.2 percent. Missouri’s unemployment rate has been at or below the national rate for more than nine years.

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

Advertisement