Missouri Reports Back-To-Back Record Low Unemployment Months

Missouri’s unemployment rate has set another new standard. Missouri’s unemployment rate fell to 2.5 percent in the preliminary July 2022 report. If that percentage is not revised, it would establish another new low unemployment rate record in back-to-back months. June’s unemployment rate was 2.8 percent and was the lowest recorded seasonally-adjusted unemployment rate in Missouri since the data series began in 1976. The decrease is due to a decline of more than 18,000 in the civilian labor force, with both the number of employed and the number of unemployed down over the month. The labor force participation rate and employment-to-population ratios declined as well.

The July 2.5 percent unemployment rate was 1.8 percent lower than last July’s rate. The estimated number of unemployed Missourians was 77,925 in July, down by about 7,000 from June’s figure.

The national unemployment rate decreased from 3.6 in June 2022 to 3.5 in July 2022. Missouri’s unemployment rate has been at or below the national rate for the last five years.

The state’s not-seasonally-adjusted unemployment rate increased in July 2022, rising by six-tenths of a percentage point to 2.9 percent from the June 2022 not-seasonally-adjusted rate of 2.3 percent. A year ago, the not-seasonally-adjusted rate was 4.5 percent. The corresponding not-seasonally-adjusted national rate for July 2022 was 3.8 percent.

Goods-producing industries increased by 4,900 jobs over the month. Manufacturing gained 3,600 jobs. Construction, logging, and mining gained 1,300. Private service-providing industries increased by 5,600 jobs between June and July. Employment increased in private service-providing industries such as leisure and hospitality, professional and business services, and other services.

Employment decreased in educational and health services, financial activities, and information.

Government employment increased by 14,300 jobs over the month. There were gains in local government and federal government.