Missouri nonfarm payroll employment increased by 5,600 jobs in October 2023, and the seasonally adjusted unemployment rate increased by two-tenths of a percentage point. Private industry employment increased by 4,800 jobs and government employment increased by 800 jobs. The state's seasonally adjusted unemployment rate was 3.1 percent in October 2023, up from 2.9 percent in September 2023. Over the year, there was an increase of 41,300 jobs from October 2022 to October 2023, and the unemployment rate increased by four-tenths of a percentage point, from 2.7 percent in October 2022 to 3.1 percent in October 2023.
UNEMPLOYMENT
Missouri's smoothed seasonally adjusted unemployment rate increased by two-tenths of a percentage point in October 2023, rising to 3.1 percent from the revised September 2023 rate of 2.9 percent. The October 2023 rate was four-tenths of a percentage point higher than the October 2022 rate. The estimated number of unemployed Missourians was 97,812 in October 2023, up 6,137 from September's 91,675.
The state's not-seasonally-adjusted unemployment rate in October 2023 increased by six-tenths of a percentage point to 3.2 percent from the September 2023 not-seasonally-adjusted rate of 2.6 percent. A year ago, the not-seasonally-adjusted rate was 2.3 percent. The corresponding not-seasonally-adjusted national rate for October 2023 was 3.6 percent.
Missouri's labor force participation rate was 63.6 percent in October 2023, nine-tenths of a percentage point higher than the national rate of 62.7 percent. Missouri's employment-population ratio was 61.6 percent in October 2023, 1.4 percentage points higher than the national rate of 60.2 percent. Missouri's unemployment rate was 3.1 percent in October 2023, eight-tenths of a percentage point lower than the national rate of 3.9 percent. Missouri's unemployment rate has been at or below the national rate for more than eight years.
EMPLOYMENT
Missouri's nonfarm payroll employment was 2,992,700 in October 2023, up 5,600 from the revised September 2023 figure. The September 2023 total was revised downward by 1,600 jobs from the preliminary estimate.
Goods-producing industries decreased by 4,000 jobs over the month, with mining, logging, and construction gaining 200 jobs and manufacturing declining by 4,200 jobs. Private service-providing industries increased by 8,800 jobs between September 2023 and October 2023. Employment in private service-providing industries increased in leisure and hospitality (3,600 jobs); private education and health services (2,800 jobs); financial activities (1,500 jobs); trade, transportation, and utilities (500 jobs); and other services (500 jobs). Employment decreased in professional and business services (-100 jobs). Total government employment increased by 800 jobs over the month, with increases in local (800 jobs) and federal government (400 jobs). State government declined by 400 jobs.
Over the year, total payroll employment increased by 41,300 jobs from October 2022 to October 2023. The largest gain was in private education and health services (17,200 jobs), followed by leisure and hospitality (11,400 jobs); other services (4,800 jobs); trade, transportation, and utilities (3,000 jobs); manufacturing (1,700 jobs); financial activities (1,500 jobs); and professional and business services (300 jobs). Employment decreased in mining, logging, and construction (-4,300 jobs) and information (-2,600 jobs). Government employment increased by 8,300 jobs over the year, with increases in local (7,300 jobs) and federal government (1,000 jobs).
Read the full report at https://meric.mo.gov/missouri-monthly-jobs-report.