Missouri's unemployment rate hits lowest point since December 2002

Missouri's seasonally adjusted unemployment rate fell to its lowest level in more than a year in January, according to a March 21 release from the Missouri Department of Economic Development. The activity is being touted as another sign that the state's economic conditions are improving.

The seasonally adjusted rate fell by four-tenths of a point from the revised December figure to 5.1 percent in January, which is the lowest rate since December of 2001 when it was also 5.1 percent. The current rate is also well below the revised average for 2002, which was 5.5 percent.

Missouri's rate is well below the national seasonally adjusted rate of 5.7 percent.

Missouri's unadjusted unemployment rate in January was 5.7 percent, compared with a national rate of 6.5 percent.

"The size and composition of our work force is showing new signs of stability and we are becoming more optimistic," said Joseph L. Driskill, director of the Missouri Department of Economic Development.

Of Missouri counties, 14 had double-digit unemployment rates with the highest percentages recorded in Stone County (22.8 percent) and Taney County (20 percent). The lowest unemployment rates in the state were recorded in Boone County (2.1 percent) and Nodaway County (2.5 percent).

In the Springfield Metropolitan Statistical Area, which comprises Greene, Christian and Webster counties, the unemployment rate was 4.2 percent in January, compared to 4.7 percent for the same month in 2002. In Greene County, the unemployment rate for January was 3.8 percent, compared to 4.4 percent in January 2002.

January unemployment data generally is released later than other months because of normal benchmark revisions that occur at the beginning of the year. In addition, the final data was further delayed as the U.S. Department of Labor has made some major changes in how the data is compiled, such as implementing the North American Industry Classification System with the January data.