Missouri’s unemployment rate decreases to 10.1 percent in May

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In this photo taken Thursday, June 4, 2020, a pedestrian wearing a mask walks past reader board advertising a job opening for a remodeling company, in Seattle. The U.S. unemployment rate fell to 13.3% in May, and 2.5 million jobs were added — a surprisingly positive reading in the midst of a recession that has paralyzed the economy and depressed the job market in the wake of the viral pandemic. (AP Photo/Elaine Thompson)

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ST. LOUIS – Missouri’s unemployment rate went down a tenth of a percentage point from April to May.

A news release from the Missouri Department of Economic Development said following the state’s tremendous job losses in April, the labor market began to bounce back in May.

The department said Missouri employment increased by 32,900 throughout the month of May, but employment is still down by 260,600 for the year. This caused Missouri’s smoothed seasonally adjusted unemployment rate to decrease by a tenth of a percentage point to 10.1 percent from a revised April 2020 rate of 10.2 percent.

The department said the May 2020 rate was more than three times higher than the May 2019 rate.

The unemployment rate was at a record low of 3.0 percent in July 2018. The department said the rate then began to creep up, reaching 3.4 percent in October 2019. They said the rate was steady at 3.5 percent in January and February 2020 before the coronavirus pandemic spike began in March 2020.

For more information on Missouri’s economics, go to the Economic Recovery Dashboard.

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