Missouri experienced positive employment growth in October 2024, with nonfarm payroll employment increasing by 5,400 jobs and the seasonally adjusted unemployment rate decreasing by 0.1 percentage points. This growth included both private industry and government sectors, contributing to an overall increase of 81,700 jobs over the past year, though the unemployment rate has seen a slight annual increase.
Employment Highlights
Missouri’s nonfarm payroll employment reached 3,070,900 in October 2024, marking a monthly increase of 5,400 jobs from the revised September figures. The increase was largely driven by:
- Goods-Producing Industries: A gain of 2,100 jobs, with 1,200 added in mining, logging, and construction, and 900 in manufacturing.
- Government Employment: An increase of 3,800 jobs, with significant growth in local government positions (3,700 jobs) and a modest increase at the federal level (100 jobs).
Some private service-providing industries, however, experienced declines. Trade, transportation, and utilities lost 1,400 jobs, while professional and business services decreased by 700 jobs. In contrast, employment in leisure and hospitality rose by 1,200 jobs, followed by smaller gains in information (500 jobs) and financial activities (200 jobs).
Year-Over-Year Employment Growth
Comparing October 2023 to October 2024, Missouri saw a substantial increase of 81,700 jobs. Significant contributors to this annual growth included:
- Private Education and Health Services: 21,700 new jobs
- Leisure and Hospitality: 14,000 new jobs
- Mining, Logging, and Construction: 8,700 new jobs
- Manufacturing: 7,000 new jobs
- Financial Activities: 5,600 new jobs
Government employment also grew significantly, adding 16,300 jobs year-over-year, with notable increases in local (11,000 jobs), state (4,300 jobs), and federal government (1,000 jobs).
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Unemployment Overview
Missouri’s seasonally adjusted unemployment rate dropped slightly to 3.8 percent in October 2024, a tenth of a percentage point lower than in September. However, this rate reflects a 0.5 percentage point increase from October 2023’s rate of 3.3 percent.
- Not-Seasonally Adjusted Rate: Missouri’s not-seasonally-adjusted unemployment rate increased by 0.4 percentage points from September to October, reaching 3.4 percent. This is still lower than the national rate of 3.9 percent for the same period.
- Labor Force Participation and Employment-Population Ratio: Missouri’s labor force participation rate stood at 63.9 percent in October 2024, above the national rate of 62.6 percent, while its employment-population ratio was also higher at 61.4 percent compared to the national average of 60 percent.
Missouri’s unemployment rate has remained at or below the national average for over nine years, highlighting a resilient labor market and strong job growth across multiple sectors. These indicators suggest a steady and healthy employment environment in Missouri as it heads into the final months of 2024.
To view the full October 2024 Missouri Job Report, click here.
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