Monthly Archives: May 2022

Idaho’s April Unemployment Rate Falls to Historic Low of 2.6%

NEWS RELEASE

For Immediate Release: May 20, 2022
Media ContactKaren.JarboeSingletary@labor.idaho.gov or Salvador.Vazquez@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.6% in April, down from March’s rate of 2.7%. April’s rate marks the third consecutive month of historic lows since record keeping began in 1976.

Idaho map with county unemployment ratesThe number of Idahoans employed or looking for work grew by 4,770 people (0.5%) to 937,023. Labor force participation increased by 0.1 percentage points between March and April to 62.1%. Idaho’s peak participation rate reached 71.4% in September 1998.

Total employment grew from March by 5,409 (0.6%) to 912,953 while total unemployment dropped by 639 (-2.6%) to 24,070.

According to Help Wanted Online, there were 49,443 online job postings in Idaho during April, or 2.1 job openings for every unemployed Idahoan looking for work.

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Labor employment services expand in south central Idaho

NEWS RELEASE

For Immediate Release: May 18, 2022
Media Contact: Jill.Kleist@labor.idaho.gov

Job search, resume assistance available in four south central Idaho communities.

Idahoans living in Gooding, Hailey, Jerome and Shoshone can now access Idaho Department of Labor services without leaving their communities.

Employment services offered at the four additional locations are in addition to full-service offices in Twin Falls and Burley.

“Our mobile office model is for Idaho citizens without a Labor office in their community,” explains Department of Labor Director Jani Revier. “Our partnerships with local libraries, community centers, city halls and other organizations allow us to deliver face-to-face services to rural Idahoans. Our footprint is larger now than ever before.”

All mobile Labor locations offer walk-in hours and appointments staffed with a Department of Labor workforce consultant who can help with writing resumes, filling out job applications, preparing for an interview, accessing job training resources, filing for unemployment insurance benefits and other services.

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Meridian job fair targeting teen and young adults set for May 21

NEWS RELEASE

For Immediate Release: May 16, 2022
Media Contact: Janelee.Henderson@labor.idaho.gov

A special job fair for Idaho teens and young adults – although anyone is invited to attend – will be held Saturday, May 21, at the Wahooz Galaxy Event Center, 1385 S. Blue Marlin Lane, in Meridian.

The event, sponsored by the Idaho Department of Labor, is scheduled for 11 a.m. to 2 p.m.

Treasure Valley area employers are recruiting for summer and permanent part-time and full-time positions. Job openings include recreation camp counselors, lifeguard, seasonal groundskeeper, cashier, HR generalist, social media content moderator, grocery department associates, customer service specialist, hospitality servers and hosts and several more.

Job seekers are invited to meet participating employers, including DirecTV, Roaring Springs/Wahooz, Teleperformance, The Grove Hotel, Hotel 43, Albertsons, Bogus Basin, Brundage Mountain Resort, City of Meridian, Home Helpers Home Care, Idaho Youth Ranch, Intermountain Pet Hospital, New Horizon’s Academy, Piedmont/American Airlines, Taco Bell, U.S. Postal Service, Viking Drive-In and more.

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Pocatello Labor office hosts Morton Building hiring event May 17

NEWS RELEASE

For Immediate Release: May 12, 2022
Media Contact: Kandi.Rudd@labor.idaho.gov

Idaho Labor will be hosting a hiring event for one of the area’s newest employers Tuesday, May 17, from 10 a.m. to 2 p.m. at the department’s Pocatello office, 430 N. 5th Ave.

The company is hiring multiple operators and an inventory control coordinator, plant administrative assistant, process improvement coordinator, material recovery specialist, operator and traffic manager.

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Idaho population projected to top 2 million by 2031

Recent population projections from the Idaho Department of Labor anticipate Idaho will continue its record of rapid growth, with the total statewide population crossing over 2 million for the first time by 2031.

The 2020 Census revealed the Gem State was the second-fastest growing state in the nation over the decade from 2010 to 2020, and single-year population estimates have ranked Idaho as the fastest-growing state for the past five years.

Idaho’s Labor Department’s latest projections anticipate a statewide growth rate of 1.1% per year over the 10-year period from 2021 to 2031, adding a total of 227,880 new residents to the state. This will raise Idaho’s population from 1,888,533 in 2021 to 2,116,413 in 2031.

All six of Idaho’s substate regions are expected to grow over the coming decade, with southwestern Idaho leading at 16.3% projected growth, followed by northern Idaho at 13%. These two regions together are expected to account for more than three quarters of the state’s total growth.

TABLE 1: Projected population growth by region

Projected Population Growth by Idaho Region

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Vacancy rates provide insight to hiring challenges

The exceptionally tight labor market in Idaho has left many employers hard-pressed to fill job openings. The monthly vacancy yield rate – the number of hires each month relative to the number of job openings at the end of the previous month – provides a barometer for employers’ ability to fill openings while its inverse provides an implied number of months to fill an opening.

An unprecedentedly tight labor market

Well before the COVID-19 pandemic and the economic disruptions it brought, the Idaho labor market would have been characterized as “tight,” but once businesses and the economy at-large reopened, the excess demand for workers relative to their supply only intensified.

One key barometer of a labor market is the ratio of job openings, or vacancies, to the unemployed, which is how macroeconomists typically define a labor market’s “tightness.” The larger the number, the more job openings are chasing after a fixed number of idle workers. For high ratios, we would typically expect to see wages rise as employers are forced to compete for limited talent; conversely, for small ratios, we would expect wages to fall as workers are forced to compete for a limited number of jobs.

Figure 1 plots the monthly job openings-to-unemployed ratio for Idaho as well as the United States for 2001-2021, adjusted for seasonality effects. For the entire sample, the average labor market tightness was about 0.81 openings for every unemployed Idahoan. Throughout 2021 the ratio hovered between 1.5 and 2, and by year’s end it reached a record 2.18.

Figure: labor market tightness

Note: Job openings are for total nonfarm jobs.
Source: Idaho Department of Labor, U.S. Bureau of Labor Statistics.

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