October 2024 Monthly Jobs Report
Missouri nonfarm payroll employment increased by 5,400 jobs in October 2024, and the seasonally adjusted unemployment rate decreased by one-tenth of a percentage point. Private industry employment increased by 1,600 jobs and government employment increased by 3,800 jobs. Over the year, there was an increase of 81,700 jobs from October 2023 to October 2024, and the unemployment rate increased by half of a percentage point, from 3.3 percent in October 2023 to 3.8 percent in October 2024.
EMPLOYMENT
Missouri’s nonfarm payroll employment was 3,070,900 in October 2024, up by 5,400 from the revised September 2024 figure. The September 2024 total was revised upward by 700 jobs from the preliminary estimate.
Goods-producing industries increased by 2,100 jobs over the month, with mining, logging, and construction gaining 1,200 jobs and manufacturing gaining 900 jobs. Private service-providing industries declined by 500 jobs between September 2024 and October 2024. Employment in private service-providing industries decreased in trade, transportation, and utilities (-1,400 jobs); professional and business services (-700 jobs); other services (-200 jobs); and private education and health services (-100 jobs). Employment increased in leisure and hospitality (1,200 jobs), information (500 jobs), and financial activities (200 jobs). Total government employment increased by 3,800 jobs over the month, with increases in local (3,700 jobs) and federal government (100 jobs).
Over the year, total payroll employment increased by 81,700 jobs from October 2023 to October 2024. The largest gain was in private education and health services (21,700 jobs); leisure and hospitality (14,000 jobs); mining, logging, and construction (8,700 jobs); manufacturing (7,000 jobs); financial activities (5,600 jobs); trade, transportation, and utilities (4,000 jobs); professional and business services (2,100 jobs); other services (1,600 jobs); and information (700 jobs). Government employment increased by 16,300 jobs over the year, with increases in local (11,000 jobs), state (4,300 jobs), and federal government (1,000 jobs).
UNEMPLOYMENT
Missouri’s smoothed seasonally adjusted unemployment rate decreased by one-tenth of a percentage point in October 2024, declining to 3.8 percent from the revised September 2024 rate of 3.9 percent. The October 2024 rate was half of a percentage point higher than the October 2023 rate. The estimated number of unemployed Missourians was 120,008 in October 2024, down by 1,628 from September’s 121,636.
The state’s not-seasonally-adjusted unemployment rate increased in October 2024 by four-tenths of a percentage point to 3.4 percent from the September 2024 not-seasonally-adjusted rate of 3 percent. A year ago, the not-seasonally-adjusted rate was 3.1 percent. The corresponding not-seasonally-adjusted national rate for October 2024 was 3.9 percent.
Missouri’s labor force participation rate was 63.9 percent in October 2024, 1.3 percentage points higher than the national rate of 62.6 percent. Missouri’s employment-population ratio was 61.4 percent in October 2024, 1.4 percentage points higher than the national rate of 60 percent. Missouri’s unemployment rate was 3.8 percent in October 2024, three-tenths of a percentage point lower than the national rate of 4.1 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.
