Missouri unemployment rate drops to record low in July
Missouri’s unemployment rate has dropped to its lowest level since record-keeping started. Read the full press release below:
July 2022 Monthly Jobs Report
Missouri non-farm payroll employment increased by 24,800 jobs from June 2022 to July 2022, and the seasonally adjusted unemployment rate decreased by three-tenths of a percentage point. Private industry employment increased by 10,500 jobs and government employment increased by 14,300 jobs. The state’s seasonally adjusted unemployment rate was 2.5 percent in July 2022, down from 2.8 percent in June 2022. Over the year, there was an increase of 52,500 jobs from July 2021 to July 2022, and the unemployment rate decreased by 1.8 percentage points, from 4.3 percent in July 2021 to 2.5 percent in July 2022. While the data is preliminary and subject to revision, the preliminary July 2022 unemployment rate of 2.5 percent is the lowest recorded seasonally adjusted unemployment rate in Missouri since the data series began in 1976. The previous low was 2.8 percent in June 2022. 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.
UNEMPLOYMENT
Missouri’s smoothed seasonally adjusted unemployment rate decreased by three-tenths of a percentage point in July 2022, declining to 2.5 percent from the revised June 2022 rate of 2.8 percent. The July 2022 rate was 1.8 percent lower than the July 2021 rate. A year ago, the state’s seasonally adjusted rate was 4.3 percent. The estimated number of unemployed Missourians was 77,925 in July 2022, down by 6,986 from June’s 84,911.
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.
Missouri’s labor force participation rate was 62.5 percent in July 2022, down 0.5 points compared to June, but four-tenths of a percentage point higher than the national rate of 62.1 percent. Missouri’s employment-population ratio was 60.9 percent in July 2022, down from 61.2 percent in June, and nine-tenths of a percentage point higher than the national rate of 60.0 percent. Missouri’s unemployment rate was 2.5 percent in July 2022, one percent lower than the national rate of 3.5 percent. Missouri’s unemployment rate has been at or below the national rate for the last five years.
EMPLOYMENT
Missouri’s non-farm payroll employment was 2,927,200 in July 2022, up by 24,800 from the revised June 2022 figure. The June 2022 total was revised downward from the preliminary estimate by 2,000 jobs.
Goods-producing industries increased by 4,900 jobs over the month, with manufacturing gaining 3,600 jobs while mining, logging, and construction gained 1,300 jobs. Private service-providing industries increased by 5,600 jobs between June 2022 and July 2022. Employment in private service-providing industries increased in leisure and hospitality (3,400 jobs); professional and business services (2,200 jobs); other services (2,200 jobs); and trade, transportation, and utilities (600 jobs). Employment decreased in educational and health services (-1,700 jobs); financial activities (-1,000 jobs); and information (-100 jobs). Government employment increased by 14,300 jobs over the month with gains in local government (14,800 jobs) and federal government (400 jobs).
Over the year, total payroll employment increased by 52,500 jobs from July 2021 to July 2022. The largest gain was in professional and business services (20,400 jobs); followed by leisure and hospitality (12,500 jobs); mining, logging, and construction (8,500 jobs); other services (6,600 jobs); manufacturing (6,000 jobs); trade, transportation, and utilities (2,300 jobs); and information (300 jobs). Employment decreased in financial activities (-1,900 jobs) and educational and health services (-1,500 jobs). Government employment decreased over the year, with a loss of 700 jobs. The largest governmental employment decrease was in federal government (-1,900 jobs). Employment increased over the year in state government (1,000 jobs) and local government (200 jobs).
Read the full report at https://meric.mo.gov/
