Fatbeam LLC – a Coeur d’Alene-based fiber provider – is introducing a new product called Cloudbeam, which will allow its customers to connect securely to cloud services. Cloudbeam will function as Fatbeam’s proprietary alternative to VPN (virtual private network) services. Source: Journal of Business
Engel & Volkers, a German-based international luxury real estate brokerage, has opened an office in Coeur d’Alene with plans for a Sandpoint office in 2021. Source: Journal of Business
Quest Integration Inc., a Post Falls technology firm providing support for the manufacture and design of 3D printers, has been acquired by Hawk Ridge Systems, a California-based manufacturer of 3D printing systems. Quest will continue to operate under that name during the integration process but will eventually operate under the Hawk Ridge name. Source: Journal of Business
Record growth in the state’s seasonally adjusted labor force increased September’s unemployment rate to 6.1 percent, up from 4.2 percent in August. The labor force is up by 22,129 (+2.5 percent) to 918,644. As a result, the number of unemployed increased by 18,806, even as total employment continued to grow by 3,323 (+0.4 percent).
The record gains also pushed the state’s labor force participation rate – the percentage of people 16 years and older with jobs or looking for work – up from 63.7 percent in August to 65.1 percent in September. The last time Idaho’s participation rate was at or above 65.1 percent was in August 2010 – just over 10 years ago.
Total nonfarm jobs dropped by 1,000 (-0.1 percent) to 758,600 for September. A substantial gain of 1,800 jobs in leisure and hospitality (+2.3 percent), combined with modest increases in financial activities, natural resources, and trade, transportation and utilities, were not enough to compensate for job declines in other industries, including a loss of 2,200 jobs in government (-1.7 percent).
For Immediate Release: Oct. 15, 2020 Media Contact: Tina Polishchuk, (208) 442-4500
North Idaho College is the state’s latest community college to open its doors to Idaho Job Corps students.
The state-run Job Corps program – designed to help low-income youth obtain higher education and on-the-job training – is also available at the College of Western Idaho in Nampa, the College of Southern Idaho in Twin Falls and College of Eastern Idaho in Idaho Falls.
Each college is set up to serve 50 additional low-income youth. Idaho Job Corps applicants are enrolled as college students and work toward careers in high-growth jobs like nurses, pharmacy techs, welders, information technology specialists, carpenters, HVAC technicians, electricians, engineers and more. For some programs and students, dual enrollment is an option.Continue reading →
The number of Idahoans who filed a continued claim for unemployment insurance benefits fell for the 23rd consecutive week, dropping 8 percent for the week ending Oct. 10 to 8,386. The four-week moving average for continued claims also fell by 8 percent – down from 10,314 for the week ending Oct. 3 to 9,533.
Initial claims for unemployment benefits totaled 3,519 for the week ending Oct. 10, increasing by 564 claims as the four-week moving average fell by just 1 percent to 3,227.
Idaho was in its third longest period of economic expansion when COVID-19 reached the state and Gov. Brad Little proclaimed an emergency.
The economic shutdown that followed impacted the nation and Idaho full force in late March and in April as the state’s record low, 2.5 percent unemployment rate soared to a historic high of 11.8 percent.
After April’s COVID-19 economic shockwave, the economy gradually reopened from May through June as the Rebound Idaho Plan progressed through its four stages. Dramatic improvements to the state’s jobs and labor force statistics followed suit and by July had clearly emerged with one of the least affected economies by the pandemic in the nation.
Read the report on Idaho’s Rebound from Labor economists and analysts for more details on Idaho’s recovery since the record high unemployment in April.
Unemployment continued claims – the number of people who requested an unemployment benefit payment – continued to fall the week ending Oct. 3, dropping 8 percent from the previous week to 9,144, the 22nd consecutive week of declines.
The four-week moving average for continued claims fell 9 percent – from 11,284 for the week ending Sept. 26 to 10,314 for the week ending Oct. 3.
Initial claims for unemployment benefits totaled 2,955 for the week ending Oct. 3, dropping slightly by 40 claims, pushing the four-week moving average down by 6 percent to 3,265.
The number of Idahoans submitting a continued claim for unemployment benefits continued to fall the week ending Sept. 26, dropping 8 percent from the previous week to 9,895.
The four-week moving average for continued claims also fell by 9 percent – from 12,416 for the week ending Sept. 19 to 11,284 for the week ending Sept. 26.
Initial claims for unemployment insurance benefits were also down, dropping 13 percent – or 442 claims – from the previous week to 2,995. The four-week moving average declined by 5 percent to 3,477 initial claims per week.