MT's Labor Force: Unemployment Rate at 3.6% in July

Governor Greg Gianforte today announced Montana’s unemployment rate decreased by 0.1% in July to 3.6%, while the unemployment rate for the U.S. was 5.4% for the month. The labor force also had strong growth over the month.

“Montana continues to attract workers back into our labor force, helping to alleviate pressure on employers who are looking to hire,” Governor Greg Gianforte said. “This report is good news for Montana businesses in the midst of the summer travel season and good news for workers who are enjoying higher wages as our economy makes a comeback from the COVID-19 pandemic.”

Montana’s total employment, which includes payroll, agricultural, and self-employed workers, grew by 2,162 in July, with strong growth in the labor force of 1,999 workers. Payroll jobs increased by 3,300 jobs in July. Accommodation and food services had strong growth with 2,900 jobs added.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% over the month in July. The 12-month increase was 5.4%, similar to the 12-month increase last month and signaling a moderation in inflationary pressure. Prices of used cars and trucks and energy commodities remain high compared to 12 months prior. The index for all items less food and energy, referred to as core inflation, increased 0.3% in July, with the 12-month increase lowering to 4.3% from 4.5% last month.

Unemployment figures are seasonally-adjusted. Seasonally-adjusted numbers remove the effects of events that follow a more or less regular month-to-month pattern each year. These adjustments make non-seasonal patterns easier to identify. The margin of error for the unemployment rate is plus or minus 0.6 percentage points at the 90 percent confidence level. All questions relating to the calculation of unemployment rates should be directed to the Montana Department of Labor & Industry’s Research and Analysis Bureau at 406-444-4100.

The next Labor Situation Report for the month of August will be released on Friday, September 17th.