August jobs report released, showing decline in Missouri employment – KRMS News/Talk

The monthly jobs report for August 2023 shows that employment in the nonfarm sector fell by 13,700 jobs, while private sector employment also fell by 16,100 jobs.

At the same time, employment in government bodies increased by 2,400 jobs per month.

Overall, there were 51,700 more jobs than in August a year ago, but the unemployment rate still rose four-tenths of a percent from 2.4 in 2022 to 2.8 this year.

Manufacturing industries lost more than 7,000 jobs for the month, while leisure and hospitality led the gains with 800 additional jobs.

And the total number of government workers in Missouri increased by 2,400 jobs… showing 2,100 more jobs in the local government sector, 200 jobs in federal and 100 jobs in state government.

Full report:

Missouri’s nonfarm payrolls fell by 13,700 workplaces in August 2023, and the seasonally adjusted unemployment rate increased by one-tenth of a percentage point. Employment in private industry decreased by 16,100 people workplacesand the number of government employees increased by 2,400 workplaces. The state’s seasonally adjusted unemployment rate was 2.8 percent in August 2023, down from 2.7 percent in July 2023. The number increased by 51,700 during the year workplaces from August 2022 to August 2023, and the unemployment rate rose four-tenths of a percentage point from 2.4 percent in August 2022 to 2.8 percent in August 2023.

UNEMPLOYMENT

Missouri’s seasonally adjusted unemployment rate rose one-tenth of a percentage point in August 2023 to 2.8 percent from a revised July 2023 rate of 2.7 percent. The rate in August 2023 was four tenths of a percentage point higher than in August 2022 at 2.4 percent. The estimated number of unemployed in Missouri was 87,958 in August 2023, an increase of 3,777 from 84,181 in July.

In August 2023, the state’s seasonally adjusted unemployment rate remained unchanged at 3.4 percent. A year ago, the non-seasonal rate was 2.8 percent. The corresponding seasonally adjusted national rate for August 2023 was 3.9 percent.

In August 2023, Missouri’s employment rate was 63.7 percent, nine-tenths of a percentage point higher than the national rate of 62.8 percent. Missouri’s August 2023 employment rate was 61.9 percent, 1.5 percentage points higher than the national rate of 60.4 percent. Missouri’s August 2023 unemployment rate was 2.8 percent, one point below the national rate of 3.8 percent. Missouri’s unemployment rate has been at or below the national unemployment rate for more than eight years.

Employment

In August 2023, Missouri nonfarm payroll employment was 2,988,700, down 13,700 from the revised July 2023 figure. The July 2023 total has been revised upwards by 1,200 workplaces from the previous estimate.

Product production decreased by 7.1 thousand workplaces per month, with a reduction of 6,500 workplaces and 600 in production workplaces in mining, logging and construction. Private spheres of services decreased by 9,000 workplaces between July 2023 and August 2023 Employment in private services declined in trade, transport and utilities (-7,800 workplaces); professional and business services (-900 workplaces); financial activity (-900 workplaces); and private education and healthcare services (-500 workplaces). Employment increased in the recreation and hospitality sector (800 workplaces) and information (300 workplaces). The total number of state employees increased by 2,400 workplaces per month, with an increase of local (2100 workplaces), federal (200 workplaces), and the state government (100 workplaces).

Over the year, the total number of employed people increased by 51,700 workplaces from August 2022 to August 2023. The largest increase was in the field of recreation and hospitality (15,600 workplaces); private education and medical services (12300 workplaces); professional and business services (9300 workplaces); other services (5800 workplaces); trade, transport and communal services (2.1 thousand workplaces); financial activity (1700 workplaces); and production (600 workplaces). Employment fell in mining, logging and construction (-2,500 workplaces) and information (-1100 workplaces). State employment increased by 7,900 people workplaces per year, with an increase of local (5700 workplaces), federal (1200 workplaces); and State Government (1000 workplaces).

Read the full report at https://meric.mo.gov/missouri-monthly-workplaces– report.

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