Missouri’s Record-Setting Low Employment Remains Steady In August

Missouri’s non-farm payroll employment went by by 5,700 jobs from July 2022 to August 2022. The state’s seasonally adjusted unemployment rate remained unchanged at 2.5 percent. Private industry employment went down 3,800 jobs in the month-to-month. Government employment was down by 1,900 jobs. When comparing August of 2022 to August of 2021, the unemployment rate dropped 1.6 points from the 4.1 figure in August of 2021.

The preliminary August 2022 unemployment rate of 2.5 percent remains the lowest recorded seasonally adjusted unemployment rate in Missouri since the data series began in 1976. This matches the previous low of 2.5 percent in July 2022. There was a decrease of more than 4,100 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 by one-tenth of a percentage point each as well.

Goods-producing industries decreased by 2,600 jobs over the month, with manufacturing losing 1,200 jobs and mining, logging, & construction losing 1,400 jobs. Private service-providing industries decreased by 1,200 jobs between July 2022 and August 2022. Employment in private service-providing industries decreased in leisure & hospitality, other services, information, professional & business services, and financial activities. Employment increased in educational & health services and trade, transportation, & utilities Government employment decreased by 1,900 jobs over the month with losses in local government and federal government.

Over the year, total payroll employment increased by 55,600 jobs from August 2021 to August 2022.

The national unemployment rate increased from 3.5 in July 2022 to 3.7 in August 2022. Missouri’s unemployment rate has been at or below the national rate for the last five years.

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