Missouri’s Unemployment Rate Stays Steady

Missouri’s unemployment rate stayed steady in May at 2.5 percent. Non-farm payroll employment increased by 3,700 jobs in May. Private industry employment increased by 3,300 jobs. Government employment increased by 400 jobs.

Missouri’s non-farm payroll employment was 2,977,700 in May 2023, up by 3,700 from the revised April 2023 figure. The April 2023 total was revised downward by 600 jobs from the preliminary estimate.

Goods-producing industries increased by 900 jobs over the month, with manufacturing gaining 600 jobs and mining, logging, and construction gaining 300 jobs. Private service-providing industries increased by 2,400 jobs between April 2023 and May 2023. Employment in private service-providing industries increased in professional and business services with 3,800 jobs and leisure and hospitality with 1,000 jobs. Employment decreased by 1,200 jobs in information, by 600 jobs in trade, transportation, and utilities, by 600 jobs in financial activities. Employment in private education and health services was unchanged from April. Total government employment increased by 400 jobs over the month.

The May 2.5 percent unemployment rate is increased by four-tenths of a point from May’s 2.1 percent last year.

Missouri’s labor force participation rate was 63.4 percent in May 2023, eight-tenths of a percentage point higher than the national rate of 62.6 percent. Missouri’s employment-population ratio was 61.8 percent in May 2023, 1.5 percentage points higher than the national rate of 60.3 percent. Missouri’s unemployment rate of 2.5 percent was 1.2 percentage points 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.