Missouri January Jobs Report Released

Missouri’s seasonally adjusted unemployment rate stayed unchanged from December at 3.3 percent. Private industry employment decreased by 300 jobs and government employment decreased by 500 jobs. Over the year, there was an increase of 42,100 jobs from January 2023 to January 2024, and the unemployment rate increased by half of a percentage point, from 2.8 percent in January 2023 to 3.3 percent in January 2024.

On net from January 2023 to December 2023, Missouri gained over 2,000 fewer jobs than reported in the original estimates. Revised estimates reported fewer job gains over the year primarily due to the revised May, June, July, and August being lower than the original estimates. Those months were revised lower from 13,000 to 15,000 jobs. The original estimates for October, November, and December were within 5,000 jobs of the final estimates.

Goods-producing industries decreased by 2,600 jobs over the month, with mining, logging, and construction gaining 100 jobs. Private service-providing industries increased by 2,300 jobs between December 2023 and January 2024. Employment in private service-providing industries increased by 4,300 jobs in professional and business services, 1,400 jobs in financial activities, and 900 jobs in leisure and hospitality. Employment decreased by 3,400 jobs in trade, transportation, and utilities and 400 jobs in private education and health services. Total government employment decreased by 500 jobs over the month, with a decrease in local government and small increases in federal and state government.

Missouri’s labor force participation rate was 63.1 percent in January 2024, six-tenths of a percentage point higher than the national rate of 62.5 percent. Missouri’s employment-population ratio was 61 percent in January 2024, eight-tenths of a percentage point higher than the national rate of 60.2 percent. Missouri’s unemployment rate was 3.3 percent in January 2024, four-tenths of a percentage point lower than the national rate of 3.7 percent. Missouri’s unemployment rate has been at or below the national rate for more than eight years.