Montana Reaches 23rd Consecutive Month of Unemployment Below 3 Percent

Governor Greg Gianforte announced on Oct. 20 Montana reached its 23rd consecutive month of unemployment below three percent. Prior to the governor taking office, Montana’s unemployment rate had fallen below 3 percent only three times since record-keeping began 50 years ago.

“Thanks to the hard work of job creators and our pro-jobs, pro-business policies, Montanans have more opportunity than ever before to obtain and thrive in a good-paying job – from high tech to the construction trades,” Gov. Gianforte said. “Employees with our Montana work ethic are in high demand, and we’ll continue to develop workforce talent pipelines to meet the needs of industry and our growing economy.”

Montanans have created more than 8,400 jobs in 2023 and more than 40,000 jobs since Gov. Gianforte took office in January 2021.

In September, Montana’s labor force grew by more than 625 workers, adding more than 8,000 workers since the start of the year.

Montana’s unemployment rate of 2.7 percent is more than a percentage point below the national unemployment rate of 3.8 percent in September.

In September, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent over-the-month. Shelter and gasoline were again the largest contributor to the monthly all items increase. The 12-month change in the all-items index was 3.7 percent. The index for all items minus food and energy, also called core inflation, increased by 0.3 percent for the month. For the year ending in September, core inflation was 4.1 percent.

The unadjusted statewide employment rate is 2.4 percent, and this percentage is used when comparing county unemployment rates and employment levels, as these are not seasonally adjusted. Valley County is at 1.9 percent unemployment rate while surrounding counties Phillips is at 3.1 percent and Roosevelt is sitting at 2.9 percent, Garfield County is sitting at 2 percent and Daniels County is at 1.8 percent.

The next Labor Market Information report, including data from October 2023, will be released on Friday, November 17.

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.