State unemployment nears national rate

The seasonally adjusted unemployment rate for the month was down from 5.6 percent in November and from 5.7 percent in December 2004, according to a monthly report by the Missouri Department of Economic Development.

While the state's jobless rates have dropped back to their lowest levels since 2002, Missouri also has fallen into closer alignment with the national rate, which was 4.9 percent last month.

On a nonseasonally adjusted basis, Missouri's December unemployment rate was 4.9 percent, down four-tenths of a point from November and a half point from December 2004.

Missouri employers created more than 7,600 jobs in December, resulting in a total of 38,700 new jobs in 2005.

The largest jobs increase was in the trade, transportation and utilities sector, where 2,500 jobs were added. Professional and business services, educational and health services, leisure and hospitality and government each accounted for more than 1,000 new jobs.

In the last year, payroll employment grew by 22,300 jobs, or 0.8 percent. Manufacturing employment was up by 1,900 jobs, or 0.6 percent, with the growth concentrated in the durable goods industries, which had an increase of 3,800 jobs. Nondurable goods manufacturing industries had a net loss of 1,900 jobs for the year.

Payroll employment in trade, transportation and utilities industries added 4,200 net jobs over the year, nearly half of which came in retail trade, up by 2,000 jobs. Truck transportation employment increased by 1,100 jobs.

Professional and business services created 4,200 jobs, an increase of 1.4 percent, including 1,600 jobs in employment services and 1,000 in management of companies.

Financial activities employment added 3,400 jobs, an increase of 2 percent over the year, largely represented in credit intermediation, insurance and real estate.

In leisure and hospitality industries, food service employment added 2,000 jobs, while less travel resulting from high fuel costs contributed to a drop of 1,500 jobs in accommodation.

Employment in government continues to be lower than it was a year ago with 3,200 fewer jobs, most strongly evident in state government, down 2,300 jobs in the last year.

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