Missouri’s employment has seen a dramatic upward trend over the past one year. There are more people working in Missouri. Moreover, according to Missouri’s Department of Higher Education and Workforce Development they are fewer people looking to work than last year. Therefore, the unemployment rate after the seasonal adjustment stands at 3.1%.
Job additions in several employment sectors
MERIC estimates 96,446 Missourians were unemployed in May 2022. In addition, there was an addition of 71,800 jobs from May 2021 till May 2022. Furthermore, professional and business services witnessed the most significant gain of 22,900 jobs. The Coronavirus spread heavily affected the employment in leisure and hospitality sector. The employers of these sector laid off their workers in large numbers during April 2020 amid the spread of COVID-19. However, the sector is now showing signs of improvement and the sector added 22,400 new jobs during the last 12 months. Moreover, trade, transportation and utilities managed to add 8,600 new jobs.
Unemployment rate is decreasing continuously
Missouri’s adjusted unemployment rate also decreased by three points as compared to April numbers. It has now declined to 3.1% from 3.4% in April 2022. Moreover, the unemployment rate reduced by 1.4% points as compared to May last year. Missouri’s unemployment rate stands lower than the national unemployment rate. The national unemployment rate remained unchanged from last month rate of 3.6%. Furthermore, Missouri’s labor force participation rate was 63.3 percent in May 2022. This is one point higher than the national average participation rate of 62.3%. The Missouri Economic Research and Information Center reported the average hourly wage for a private-sector job was $28.41 in May. It has also increased compared to $28.29 in April and $27.64 in May 2021. Missouri’s unemployment rate is close to its record of 3% reached in July 2018.
Job losses in few sectors
Although there are many sectors which have shown positive employment number. Yet, there are few sectors who reported job losses. Private industry employment decreased by 1,500 jobs. Moreover, the report also stated that the government employment decreased by 1,600 jobs.
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