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Box 1354 St. Louis, MO 63188 Voice: 314-771-0200 Fax: 314-771-0300 To submit news, contact: editor@slfp.com To advertise, contact: advertising@slfp.com Missouri Unemployment Rate Hits Four Year Low JEFFERSON CITY, (SLFP.com) September 24, 2005 - Missouri's seasonally-adjusted unemployment rate in August dropped a full point from July to 4.6 percent while 15,500 new jobs were created last month, the Department of Economic Development recently reported. The current unemployment rate is the lowest since August 2001, the last month before the 9/11 terrorist attacks, which combined with recessionary increases already underway drove unemployment sharply higher. The rate also reflects the first time Missouri's seasonally adjusted unemployment rate has been below the national average since April 2004. The nation reported a 4.9 percent unemployment rate in August. The decrease in not-seasonally-adjusted unemployment was even larger, as the jobless rate fell from 5.6 percent in July to 4.5 percent in August. Some decrease in unemployment is the norm at the end of the summer, as schools resume and unsuccessful seasonal jobseekers leave the labor force. Nonfarm payrolls grew substantially in August, adding 15,500 jobs on a seasonally adjusted basis. Since January, the increase has been 53,900 jobs. Gains were noted in all industry super sectors. Manufacturing was the leader, with a 5,600-job increase resulting from a return from model changeover layoffs in the automobile industry. Educational and health services grew by 2,900 jobs while professional and business services added 2,600 jobs on balance. Trade, transportation and utilities were up by 1,400 jobs. The August numbers are part of an upward economic trend for the state. So far this year, Missouri's export rate is half a billion dollars above last year's record pace while there has been an 84 percent increase to date in corporate income and corporate franchise tax collections. The unemployment decrease this August was far beyond the typical amount, suggesting that some unsuccessful jobseekers may have left the labor force earlier this year than in previous years, perhaps in response to early school starts. In other words, some of the seasonal improvement that normally occurs in September may have been captured in August data this year. Underlying economic improvement was probably at work as well, as confirmed by strong payroll employment growth in the month. Meanwhile, an early start to the school year probably contributed to the month's employment increases, not only in educational services but also in support industries such as school bus and food services. Department economists caution that single month decreases of the magnitude seen in August are rare and because these data are subject to a certain amount of irregular movement, change over a period of several months usually provides a better measure of underlying economic conditions than a single month's data. The August totals do not include any possible impact to Missouri's economic conditions from Hurricane Katrina. Department officials said impacts from Katrina, if any, would likely begin showing up in September employment numbers that are released in early October. Over the past year, nonfarm payrolls have grown by 33,100 jobs, or 1.2 percent. (These comparisons use not seasonally adjusted data, to provide maximum industry detail.) Health care and social assistance providers industries have grown by 7,700 jobs, including gains of 2,700 in social assistance and 2,200 in hospitals. Professional and business services added 6,100 jobs, led by employment services (2,600); management of companies (1,200); and accounting, tax preparation and bookkeeping services (1,100). In financial activities, real estate and rental and leasing operations was up by 1,800 jobs, while insurance carriers and related added 1,200. Food services and drinking places have added 3,200 jobs over the year. Retail trade employment is up by 3,000 jobs, despite decreases in food and beverage stores and gasoline stations. Wholesale trade is up by 2,100 jobs, concentrated in merchant wholesalers of durable goods. In the goods-producing sectors, manufacturing employment is 2,300 jobs higher than it was a year ago with gains in aerospace products and other transportation equipment. Construction and natural resources and mining have each added 500 jobs. Archived: Missouri Career Centers Responding to Hurricane Katrina Evacuees Travel Industry Jobs Impacted by Hurricane Katrina Major Re-organization Designed to Create Jobs in Missouri Maintaining Health Insurance Is More Important Than Pay Increase Missouri Labor Market Shows Improvement Mortgage Rates Rise Following Employment Report National Job Quality is Declining 18- to 34-Year-Olds, Low Earners Tops Among Job-Hoppers 'Class of 9/11' Finds Patriotism Is Not Enough to Work for Government Laptops, Not Autos, Tempt Today's Job Seekers Survey Highlights Mothers as Ideal Workplace Leaders Worker's Compensation Reform Bills Protect Missouri Jobs Employment Rebounds in St. Louis Missouri Quality Jobs Act to Create Jobs, Spur Economic Growth Smurfit-Stone Anticipates Job Growth at New Headquarters in St. Louis County Worker Confidence Drops Sharply in February Employment Market Minority-Owned Businesses Boost Local Economies in Tight Job Market Workers Rate Bosses Highly, But Say They Can Do the Job Better U.S. Households Led by Single Mothers and Displaced Homemakers on the Rise Job Market Continues Growth As Worker's Confidence Levels Increase    The Saint Louis Front Page is owned and maintained by the Moore Design Group for the sole purpose of disseminating news and information about the Metropolitan Saint Louis area. 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