Missouri’s unemployment rate ties all-time low

Missouri’s unemployment rate has tied an all-time low, according to an announcement this morning by the state Department of Economic Development.

The state’s October unemployment rate dipped a tenth of a point to 3.1 percent compared with 3.2 percent in September. The October rate is on par with the jobless rate recorded from October 1999 to January 2000, matching the lowest figure since unemployment rates started being recorded in 1976, according to a news release.

Missouri’s nonfarm payroll employment rose by a net 4,000 jobs in October, and the DED revised up the September figure by 2,400 jobs to 5,700. In the past three months, Missouri employers have added 12,500 employees.

The October gain was led by accommodation and food services, at 2,500 positions; professional, scientific and technical services and health care and social assistance, which each added 1,600 jobs; and manufacturing, at 800, according to the release.

Compared with the same month last year, October’s unemployment rate was down by half a percentage point.

The DED data is seasonally adjusted. However, when seasonality isn’t factored, Missouri’s unemployment rate was 2.3 percent in October, below the comparable U.S. figure of 3.5 percent. Missouri’s jobless rate has been below the national figure for 42 consecutive months, according to the release.