Unemployment edging up in Parkland

The above graph depicts the way unemployment skyrocketed in the first wave of the pandemic, in April 2020. (U.S. Bureau of Labor Statistics, via Federal Reserve Bank of St. Louis)

Still lower than pandemic rates

SARAH HAAS, shaas@dailyjournalonline.com

Unemployment might be inching up, but the rates are still lower than when the pandemic hit.

The U.S. Bureau of Labor Statistics shows St. Francois County with a June unemployment rate of 4.2%, up by 1.1% since April and June 2022, but down dramatically from 10.9% in April 2020.

All counties in Parkland have inched up in unemployment rates comparing June 2022 to June 2023, but all statistics are significantly less than April 2020, the last high rate of unemployment in the area (not seasonally-adjusted):

• St. Francois County’s June unemployment was 802 people in 2022 and 1,093 in 2023.  In April 2020, 2,748 people were unemployed.
• Iron County’s June unemployment was 130 people in 2022 and 200 in 2023.  In April 2020, 306 people were unemployed.
• Madison County’s June unemployment was 146 people in 2022 and 215 in 2023.  In April 2020, 595 people were unemployed.
• Ste. Genevieve County’s June unemployment was 209 people in 2022 and 306 in 2023.  In April 2020, 813 people were unemployed.
• Washington County’s June unemployment was 295 people in 2022 and 401 in 2023.  In April 2020, 1,059 people were unemployed.

The Missouri Economic Research & Information Center, a division of the Missouri Department of Higher Education and Workforce Development,  recently released the July 2023 Monthly Jobs Report.

Missouri non-farm payroll employment increased by 6,900 jobs between June 2023 and July 2023, and the seasonally adjusted unemployment rate increased by one-tenth of a percentage point. Private industry employment was responsible for the jobs increase, while government employment was unchanged over the month.

The state’s seasonally adjusted unemployment rate was 2.7% in July 2023, up from 2.6% in June 2023. Over the year, there was an increase of 58,900 jobs from July 2022 to July 2023, and the unemployment rate increased by .5%, from 2.2% in July 2022 to 2.7% in July 2023.

Unemployment

Over the year, total payroll employment increased by 58,900 jobs from July 2022 to July 2023. (Pixabay)

Missouri’s smoothed seasonally adjusted unemployment rate increased by .1% in July 2023, increasing to 2.7 % from the revised June 2023 rate of 2.6 %. The July 2023 rate was .5% higher than the July 2022 rate of 2.2 %. The estimated number of unemployed Missourians was 84,204 in July 2023, up by 2,662 from June’s 81,542.

The state’s not-seasonally-adjusted unemployment rate increased from 3.3% in June 2023 to 3.4% in July 2023. A year ago, the not-seasonally-adjusted rate was 2.7%. The corresponding not-seasonally-adjusted national rate for July 2023 was 3.8%.

Missouri’s labor force participation rate was 63.6% in July 2023, one percentage point higher than the national rate of 62.6%. Missouri’s employment-population ratio was 61.9% in July 2023, 1.5 percentage points higher than the national rate of 60.4%. Missouri’s unemployment rate was 2.7% in July 2023, .8% lower than the national rate of 3.5%. Missouri’s unemployment rate has been at or below the national rate for eight years.

Employment

Missouri’s non-farm payroll employment was 3,001,200 in July 2023, up by 6,900 jobs from the revised June 2023 figure. The June 2023 total was revised upward by 2,400 jobs from the preliminary estimate.

Goods-producing industries decreased by 300 jobs over the month. Mining, logging, and construction declined by 600 jobs, and manufacturing gained 300 jobs. Private service-providing industries increased by 7,200 jobs between June 2023 and July 2023. Employment in private service-providing industries increased in private education and health services (3,900 jobs); trade, transportation, and utilities (1,800 jobs); financial activities (1,700 jobs); and leisure and hospitality (700 jobs). Employment decreased in professional and business services (-800 jobs) and information (-100 jobs). Total government employment was unchanged over the month, with increases in state (200 jobs) and federal government (100 jobs) and a decrease in local government (-300 jobs).

Over the year, total payroll employment increased by 58,900 jobs from July 2022 to July 2023. The largest gains were in leisure and hospitality (15,500 jobs); private education and health services (12,800 jobs); professional and business services (8,700 jobs); trade, transportation, and utilities (8,600 jobs); manufacturing (7,800 jobs); other services (5,900 jobs); and financial activities (2,700 jobs). Employment decreased in information (-1,200 jobs) and mining, logging, and construction (-1,000 jobs). Government employment decreased by 900 jobs over the year, with a decrease in local government (-2,000 jobs) and increases in state (700 jobs) and federal government (400 jobs).

Read the full report online.