July 2024 Monthly Jobs Report

Missouri nonfarm payroll employment decreased by 22,400 jobs in July 2024, and the seasonally adjusted unemployment rate increased by one-tenth of a percentage point. Private industry employment decreased by 13,000 jobs and government employment decreased by 9,400 jobs. Over the year, there was an increase of 62,400 jobs from July 2023 to July 2024, and the unemployment rate increased by seven-tenths of a percentage point, from 3.1 percent in July 2023 to 3.8 percent in July 2024.

EMPLOYMENT

Missouri's nonfarm payroll employment was 3,045,600 in July 2024, down by 22,400 from the revised June 2024 figure. The June 2024 total was revised downward by 4,300 jobs from the preliminary estimate.

Goods-producing industries decreased by 6,100 jobs over the month, including a decrease of 4,600 jobs in manufacturing and a decrease of 1,500 jobs in mining, logging, and construction. Private service-providing industries declined by 6,900 jobs between June 2024 and July 2024. Employment in private service-providing industries decreased in private education and health services (-5,200 jobs); other services (-1,600 jobs); trade, transportation, and utilities (-1,400 jobs); financial activities (-600 jobs); and information (-300 jobs). Employment increased in leisure and hospitality (1,200 jobs) and professional and business services (1,000 jobs). Total government employment decreased by 9,400 jobs over the month, with decreases in local (-9,000 jobs), state (-300 jobs), and federal government (-100 jobs).

Over the year, total payroll employment increased by 62,400 jobs from July 2023 to July 2024. Industries with employment gains include private education and health services (23,700 jobs); leisure and hospitality (22,200 jobs); mining, logging, and construction (8,700 jobs); trade, transportation, and utilities (8,600 jobs); financial activities (5,600 jobs); other services (1,000 jobs); and professional and business services (700 jobs). Employment decreased in manufacturing (-2,600 jobs) and information (-300 jobs). Government employment decreased by 5,200 jobs over the year, with a decrease in local government (-10,100 jobs) and increases in state (3,800 jobs) and federal government (1,100 jobs).

UNEMPLOYMENT

Missouri's smoothed seasonally adjusted unemployment rate increased by one-tenth of a percentage point in July 2024, increasing to 3.8 percent from the revised June 2024 rate of 3.7 percent. The July 2024 rate was seven-tenths of a percentage point higher than the July 2023 rate of 3.1 percent. The estimated number of unemployed Missourians was 120,851 in July 2024, up by 6,374 from the revised June total of 114,477.

The state's not-seasonally-adjusted unemployment rate increased in July 2024 by four-tenths of a percentage point to 4.6 percent from the June 2024 not-seasonally-adjusted rate of 4.2 percent. A year ago, the not-seasonally-adjusted rate was 3.3 percent. The corresponding not-seasonally-adjusted national rate for July 2024 was 4.5 percent.

Missouri's labor force participation rate was 63.8 percent in July 2024, 1.1 percentage points higher than the national rate of 62.7 percent. Missouri's employment-population ratio was 61.3 percent in July 2024, 1.3 percentage points higher than the national rate of 60 percent. Missouri's unemployment rate was 3.8 percent in July 2024, half of a percentage point lower than the national rate of 4.3 percent. Missouri's unemployment rate has been at or below the national rate for more than nine years.

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