Unemployment Rates Keep Falling

FOR The Courier

Montana’s unemployment rate continued its decline in December, down 0.1 percentage points to 4.2 percent. The unemployment rate has decreased by over a full percentage point during 2014. The U.S. unemployment rate declined to 5.6 percent. The U.S. unemployment rate remains over a point above Montana’s rate, but has also decreased by over a full percentage point over the year.

Valley County is no longer in the top 10 for the lowest unemployment rate, it rates at 11, with an unemployment of 3.1 percent. Over the last year it’s gone down about .5 percent, with 40 more people employed. Above us is neighboring counties like Dawson, Richland, Sheridan and at the top is Fallon County. Phillips and Roosevelt Counties are at the lower end of the list, with rates around 5.1 and 5.2 percent. Those rates did go down just over one percent in the last year.

“Montana finished 2014 with more employment growth, which will likely put the year into the history books as one of the strongest years for our economy,” Governor Steve Bullock said, “With our state’s strong economy, I remain committed to building on that strength to ensure that all Montanans feel the benefits of this growing prosperity.”

“Montana’s economy is continuing its momentum and promising a good year in 2015” said Labor Commissioner Pam Bucy. “Although we continue to monitor economic performance for any negative impacts from falling oil prices, employment growth in all other industries continues unabated. We will continue to work with businesses to recruit and develop good workers in this low unemployment environment.”

Montana’s total employment levels increased by 829 jobs over the last month, with 12,663 jobs added since last December. These preliminary numbers indicate strong job growth of 2.6 percent in 2014, placing the year in the top quartile for employment growth since 1980. Total employment estimates include payroll employment, plus agricultural and self-employed workers. Payroll employment estimates indicate a gain of 3,100 jobs over the month, with large gains in the construction industry.

The Consumer Price Index for All Urban Consumers (CPI-U) fell sharply by 0.4 percent in December due to a drop in oil and fuel prices. The gasoline index declined 9.4 percent over the month. The index for all items less food and energy, also called core inflation, was unchanged over the month.