New Record Low: Montana's Unemployment Rate Falls to 2.4 Precent

Montana’s unemployment rate set a new all-time low in February, declining 0.1 percent to 2.4 percent according to data compiled by the U.S. Bureau of Labor Statistics and the Montana Department of Labor & Industry.

The February rate of 2.4 percent is the lowest level of unemployment in Montana since record keeping began in 1976. Montana’s unemployment rate is the fourth lowest in the nation.

While Montana’s unemployment rate dropped to an all-time low of 2.4 percent in February, the unemployment rate for the U.S. rose to 3.6 percent.

“While we face strong national headwinds, Montanans are driving our state’s strong economy. More Montanans are working than ever before, and we have record-low unemployment,” Gov. Gianforte said.

Total employment in Montana (which includes payroll, agricultural, and self-employed workers) added a robust 1,265 jobs in February, marking the highest level ever of total employment in Montana at 557,272 jobs. Montana added 300 payroll jobs in February, with retail trade, leisure and hospitality, and accommodations and food service adding the most jobs.

Total employment in Montana is at 105.3 percent of pre-pandemic levels. Montana’s labor force continued its growth by an additional 632 workers, bringing the state’s labor force to 571,034 workers.

Despite years of steady population growth, the number of unemployed Montanans in February – about 13,750 – is the lowest ever recorded. Since Governor Gianforte assumed office in January 2021, the number of unemployed Montanans has dropped by more than 36 percent.

Montana’s unemployment dipped below three percent in November of 2021 and has remained at historic low levels since. Of 19 months with unemployment rates of under three percent since record keeping began, 16 of them have been recorded during Governor Gianforte’s tenure in office.

On March 14, BLS reported the Consumer Price Index for All Urban Consumers (CPI-U) in February rose 0.4 percent over-the-month. In the last 12 months, inflation has grown by six percent.

According to BLS, an agency of the U.S. Department of Labor, over the past 12 months,

Grocery prices are up nationally 10.2 percent

Eggs, up 55.4 percent

Poultry, up 9.5 percent

Milk, up 8.1 percent

Coffee, up 11.4 percent

Fruits and vegetables, up 5.3 percent

Baby food and formula, up 9.8 percent

Rent prices are up 8.2 percent

Electricity prices are up 12.9 percent

Fuel oil prices are up 9.2 percent

Airfare prices are up 26.5 percent

Motor vehicle insurance prices are up 14.5 percent

Motor vehicle maintenance and repair prices are up 12.5 percent

Tools, hardware, and outdoor equipment and supplies prices are up 11.8 percent

The unadjusted statewide employment rate is 2.8 percent, and this percentage is used when comparing county unemployment rates and employment levels, as these are not seasonally adjusted. Valley County is at 2.7 percent unemployment rate while surrounding counties Phillips is at 4.4 percent and Roosevelt is sitting at 3.5 percent, Garfield County is sitting at 3.7 percent and Daniels County is at 1.8 percent.

The next Labor Market Information report, including data from March 2023, will be released on Friday, April 21, 2023.

Visit http://www.lmi.mt.gov for additional information and analysis, including industry employment levels, background on the unemployment rate, and wage rates by occupation. Visit http://www.lmi.mt.gov/home/job-tracking for Montana unemployment claims and current economic data.