The unemployment rate in Missouri inched down again, according to the latest jobs report.
The seasonally adjusted unemployment rate narrowly fell from 3.2 percent to 3.1 percent — continuing the three year trend of being lower than the federal level. Missouri’s record low unemployment rate was 3.0 percent, which was reached in September 2018.
And over the past year, Missouri added more than 32,000 jobs and added more than 43,000 people to the civilian labor force.
The Missouri Department of Economic Development includes seasonally adjusted labor statistics in its jobs report to eliminate “influences of predictable seasonal patterns” over monthly changes.
Missouri added 32,800 jobs not seasonally adjusted since September 2018.
Several industries, seasonally adjusted, saw increases in the last month. Leisure and hospitality increased 2,500 from June. Financial activities added 1,400 while manufacturing added 1,000. Smaller gains were reported in various other industries.
These gains were offset by decreases in service providing industries (–3,900) and educational and health services (-3,100).
To view the full labor report, click here.
Missouri also released the Missouri Economic Research and Information Center’s (MERIC) 2019 Missouri Economic and Workforce Report. Included in the report is a survey of more than 1,600 Missouri employers.
Continued low unemployment, combined with overall economic growth, has resulted in a tighter labor market for employers. Survey results showed 47 percent of respondents indicated a shortage of skilled workers. Data indicated that 87 percent of employers are addressing the skilled worker shortage by hiring less experienced workers and providing training. Data suggested employers are planning for more hiring – with one-third of respondents reporting an intention of adding more jobs.
The full report is available on MERIC’s website.