NEWS RELEASE
For Immediate Release: March 22, 2024
Media Contact: Craig.Shaul@labor.idaho.gov
or John.Panter@labor.idaho.gov
Idaho’s seasonally adjusted unemployment rate was 3.3% in February, unchanged from January.
The state’s labor force increased by 1,581 people (0.2%) to 969,471.
Idaho’s labor force participation rate — the percentage of people 16 years of age or older who are either employed or looking for work — remained at 62.6% between January and February.
Total employment increased by 1,446 (0.2%) to 937,072 as unemployment increased by 135 (0.4%) to 32,399.
Idaho’s nonfarm jobs increased by 4,000 to 862,100 in February. Industry sectors with the greatest over-the-month gains included durable goods manufacturing (2.8%); natural resources (2.3%); transportation, warehousing, and utilities (1.8%); nondurable goods manufacturing (1.5%); wholesale trade (1.4%); private educational services (1.2%); federal government (0.7%); and arts, entertainment, and recreation (0.6%).
Industries that experienced job declines in February included real estate and rental and leasing (-0.8%), and finance and insurance (-0.7%).
Four of Idaho’s six Metropolitan Statistical Areas (MSAs) had over-the-month nonfarm job increases in February. Boise saw the largest increase with 0.6%, followed by Pocatello
(0.5%), Idaho Falls (0.4%) and Twin Falls (0.2%). Lewiston saw a decrease of 0.3% while Coeur d’Alene was unchanged.
Year over Year
Idaho’s 3.3% unemployment rate for February 2024 was up from 2.9% the prior year. The labor force was up 1.7%, an increase of 16,394 people.
The number of unemployed Idahoans increased 19% (5,183) while total employed was 1.2% (11,211) higher.
Total nonfarm jobs increased by 2.8% (23,100). Most major industry sectors gained jobs except other services (-3.2%), finance and insurance (-1.7%), information (-1.1%), and retail trade (-0.5%).
All of Idaho’s MSAs saw year-over-year nonfarm job gains in February. Coeur d’Alene had the greatest increase at 4.5%, followed by Lewiston (2.7%), Idaho Falls (2.6%), Boise
(2.5%), Pocatello (1.5%) and Twin Falls (1.4%).
National Comparisons
Nationally, the unemployment rate increased between January and February, up to 3.9% from 3.7%. The number of unemployed increased by 334,000 to 6.5 million. Total nonfarm payroll employment rose by 275,000 (0.2%) to 157.8 million.
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* Editors / News Directors – please note:
February and March will have nonstandard release dates due to the annual Bureau of Labor Statistics benchmarking process. Benchmarking includes revisions to state labor force estimates based on new inputs and population data. Nonfarm jobs are benchmarked using reported employer data.
Upcoming Idaho Release Schedule:
April 19, 2024: Statewide labor force and nonfarm jobs data for March 2024
May 17, 2024: Statewide labor force and nonfarm jobs data for April 2024
Find more labor market information at lmi.idaho.gov
This project is 100% funded by the U.S. Department of Labor as part of an Employment and Training Administration award totaling $695,785.