March 2023 Monthly Jobs Report

     Missouri non-farm payroll employment increased by 2,300 jobs in March 2023, and the seasonally adjusted unemployment rate decreased by one-tenth of a percentage point. Private industry employment increased by 2,100 jobs and government employment increased by 200 jobs. The state's seasonally adjusted unemployment rate was 2.5 percent in March 2023, down from 2.6 percent in February. Over the year, there was an increase of 62,100 jobs from March 2022 to March 2023, and the unemployment rate remained unchanged.      

UNEMPLOYMENT        
     Missouri's smoothed seasonally adjusted unemployment rate decreased by one-tenth of a percentage point in March 2023, declining to 2.5 percent from the revised February 2023 rate of 2.6 percent. The March 2023 rate remained unchanged compared to March 2022. The estimated number of unemployed Missourians was 77,408 in March 2023, down by 2,281 from February's 79,689.
     The state's not-seasonally-adjusted unemployment rate remained unchanged in March 2023, holding steady at 2.7 percent. A year ago, the not-seasonally-adjusted rate was 2.8 percent. The corresponding not-seasonally-adjusted national rate for March 2023 was 3.6 percent.
     Missouri's labor force participation rate was 62.9 percent in March 2023, three-tenths of a percentage point higher than the national rate of 62.6 percent. Missouri's employment-population ratio was 61.4 percent in March 2023, one percentage point higher than the national rate of 60.4 percent. Missouri's unemployment rate was 2.5 percent in March 2023, one percentage point lower than the national rate of 3.5 percent. Missouri's unemployment rate has been at or below the national rate for more than seven years.

EMPLOYMENT    
     Missouri's non-farm payroll employment was 2,969,300 in March 2023, up by 2,300 from the revised February 2023 figure. The February 2023 total was revised upward by 5,000 jobs from the preliminary estimate.
     Goods-producing industries increased by 700 jobs over the month, with mining, logging, and construction gaining 400 jobs and manufacturing gaining 300 jobs. Private service-providing industries increased by 1,400 jobs between February 2023 and March 2023.       Employment in private service-providing industries increased in leisure and hospitality (2,800 jobs) and professional and business services (2,500 jobs). Employment decreased in private education and health services (-1,600 jobs); trade, transportation, and utilities (-1,400 jobs); financial activities (-600 jobs); other services (-200 jobs); and information (-100 jobs).  Total government employment increased by 200 jobs over the month, with an increase in local (400 jobs) and federal government (100 jobs), and a decrease of 300 jobs in state government.
     Over the year, total payroll employment increased by 62,100 jobs from March 2022 to March 2023. The largest gains were in leisure and hospitality (17,100 jobs); manufacturing (12,400 jobs); professional and business services (10,000 jobs); private education and health services (9,200 jobs); other services (4,900 jobs); financial activities (4,400 jobs); and mining, logging, and construction (1,400 jobs). Employment decreased in trade, transportation, and utilities (-900 jobs) and information (-100 jobs). Government employment increased by 3,700 jobs over the year, with an increase in local (3,900 jobs) and state government (100 jobs), and a decrease in federal government (-300 jobs).