(The Center Square) – Missouri’s job market might be following a national trend of cooling off as payrolls decreased in July, but unemployment was almost unchanged.
Nonfarm payrolls decreased by 22,400 jobs in July, according to the Missouri Economic Research and Information Center. However, the state added 62,400 jobs during the last 12 months.
The seasonally adjusted unemployment rate increased from the June amount by one-tenth of a percentage point to 3.8%. The national unemployment rate was 4.3%.
In March, the Federal Reserve Bank of St. Louis reported the national labor market loosened by approximately 50% during the past year. It reported fewer job listings and slightly more people looking for work in the state.
Missouri’s July unemployment rate was seven-tenths of a percentage point higher than the 3.1% rate in July 2023.
Goods-producing industries lost 6,100 jobs between June and July. Included in the sector was a loss of 4,600 manufacturing jobs and 1,500 jobs in mining, logging and construction. Private service-providing industries lost 6,900 jobs during the last month as private education and health services dropped 5,200 jobs.
The biggest gains in employment during the past 12 months were in private education and health services (23,700 jobs) and leisure and hospitality (22,200 jobs.) Manufacturing lost 2,600 jobs during the last year. Government employment decreased by 5,200 jobs during the last year, led by a drop in 10,100 local government positions.
Approximately 121,000 Missourians were unemployed in July, an increase of 6,000 from June. The unemployment rate without adjustment for seasonal employment increased four-tenths of a percentage point to 4.6% in July. Last year, the rate was 3.3% for the category.
Missouri continued to outpace the national labor force participation rate as 63.8% of citizens were working compared to the national rate of 62.7%
The average weekly earnings in the state dropped from $1,053.70 in June to $1,029.77 in July for all employees working in private industry. Last July, the average weekly earnings was $1,036.90.
The highest average weekly wage in the state in July was in the St. Louis Metropolitan Statistical Area at $1,196.52; the lowest was in the Cape Girardeau area at $763.17.