Idaho’s August unemployment rate increases slightly to 2.7%

NEWS RELEASE

For Immediate Release: Sept. 16, 2022
Media Contact: Craig.Shaul@labor.idaho.gov or Karen.JarboeSingletary@labor.idaho.gov

Labor force expands by 4% over the year

Idaho’s seasonally adjusted unemployment rate was 2.7% in August, up 0.1 percentage points from July – the seventh consecutive month Idaho has been below 3%.

August’s labor force growth saw increases in both employed and unemployed persons. The number of Idahoans employed or looking for work grew by 4,384 people (0.5%) to 956,785. Total employment grew by 3,103 (0.3%) to 931,077 while total unemployment increased by 1,281 (5.2%) to 25,708.

Labor force participation increased by 0.1 percentage points between July and August to 62.7%. Idaho’s peak participation rate reached 71.4% in September 1998.

Idaho’s nonfarm jobs met seasonal expectations in August, showing an adjusted increase of only 200 jobs to 822,600. Industry sectors with the greatest over-the-month gains include transportation, warehousing and utilities (0.9%); arts, entertainment and recreation (0.6%); and construction (0.5%). Continue reading →

Seniors Benefit from AmeriCorps Senior Companion Programs in Idaho

Research has shown volunteers 55 and older who serve as senior companions often find they also reap significant financial and health benefits from the experience.

Photo; Elderly woman and older man talking on park bench.Idaho’s AmeriCorps Seniors Companion volunteers visit homes, help the person leave the house to go shopping, to doctor appointments and even the senior center for bingo. Volunteers also help with bills, laundry and engage in conversation over a cup of coffee.

According to a study on AmeriCorps senior programs,* benefits for individuals getting assistance include:

  • Spending time with others.
  • Living in their home.
  • Cost of living stays down. The median monthly cost of an assisted living facility is $4,051 compared to the mean monthly housing expenditure of $1,505. Annual cost savings reach $30,552 per person.
  • Improved health and decreased hospital visits. The federal government saved nearly $59 million each year on Medicare and Medicaid health care expenditures.

Continue reading →

Around Idaho: Economic Activity, August 2022

Information provided in these news updates is from professional sources, news releases, weekly and daily newspapers, television and other media.

Northern Idaho
North Central Idaho
Southwestern Idaho
South Central Idaho
Southeastern
Eastern Idaho

 

NORTHERN IDAHO – Benewah, Bonner, Boundary, Kootenai & Shoshone counties

Kootenai County

  • The city of Coeur d’Alene is evaluating proposals to strengthen laws against short-term rentals, including civil penalties and dedicated enforcement. The city’s general services and public works committee cites the city’s well established housing crisis and severe shortage of available for-rent and for-sale homes as the need for these proposals. The committee seeks to curb the conversion of long-term rental properties to short-term rentals to combat the housing shortage. Source: Coeur d’Alene Press
  • Work has begun on a major Idaho Transportation Department (ITD) project to replace and upgrade the interchange between Interstate 90 and State Highway 41 in Post Falls. The current interchange, which includes three different traffic signals and intersections, has become a major traffic bottleneck as Post Falls has grown. The interchange will be replaced by a single intersection, which ITD believes will dramatically increase efficiency. Construction will be underway in phases until the summer of 2025. Source: Idaho Transportation Department
  • Kootenai Health has begun work on a $40 million expansion to its Heart Center, operating rooms and Kootenai Outpatient Surgery facilities. The expansion will add 37,000 square feet to the heart center, new laboratories and more patient rooms, which will allow the hospital to provide more same-day surgeries. The project is scheduled for completion in fall 2023. Source: Coeur d’Alene Press

Openings
Coeur d’Alene

  • Sebastian’s Coffee and Pastries
  • The Burger Dock
  • Vantage Point Brewing
  • Bare Root Skin Essentials

Region

  • Burke’s Restoration, Post Falls
  • Club Pilates, Hayden
  • Gracie Barra Jiu-Jitsu Studio, Hayden

Sam.Wolkenhauer@labor.idaho.gov, regional economist
(208) 457-8789 ext. 4451

Continue reading →

Unemployment insurance helps the economy as well as individual workers

Part five of an explainer series on Idaho’s unemployment insurance (UI) program.

While most discussions about the unemployment insurance benefits program focus on the role as a safety net for individual workers, this is only one of three major purposes it serves. The two others include as an automatic stabilizer for the greater economy during recessions and to preserve the workforces of industries that experience wide annual swings in business due to changes in weather throughout the year.

As an economic stabilizer, unemployment benefits are an insurance policy for the entire economy during recessions or economic disruptions that affect a large number of workers like the Great Recession after the 2008 global financial collapse or shutdowns caused by the COVID-19 pandemic in 2020.

During these types of events, with a large drop in employment and a reduction in economic activity as payrolls diminish and buying is curtailed, there is a risk of a snowball effect and greater economic consequences as businesses suffer from the reduction in demand. The stabilizer effect the unemployment insurance program provides is meant to hedge against greater economic turmoil that could lead to a much deeper and long period of economic decline.

Continue reading →

How wage and productivity growth related to inflation in Idaho

Labor productivity is an important indicator for not just the labor market but Idaho’s overall economy. Wages are closely linked to labor’s marginal product, or the last unit of revenue produced from the last unit of labor employed. When markets are competitive and lack any frictions that impede price adjustments, wage and productivity growth will be equal.

Photo: construction workerIf productivity increases at a high growth rate and appears to continue for the foreseeable future (for example, continued investments in research and development, improved education and workforce training), it might be inferred that wages will grow at a similar pace; if productivity is expected to grow at a negligible rate or decline, however, wages can be expected to move similarly.

Continue reading →

Addressing the mental health of Idaho and U.S. workforce

The National Institute of Mental Health estimates one in five adults experience mental health issues annually. In the workplace, addressing an employee’s mental health can reduce an employer’s long-term health care expenses and improve employee productivity, morale, retention and aid in an employer’s recruitment efforts of qualified employees. With recent studies showing mental health is declining on a national basis, Idaho is taking broad steps toward addressing this issue directly, but also has many complex challenges in front of it.

As of May 2021, Idaho had approximately 150 psychiatrists and 700 psychologists statewide. By 2030, these occupations are expected to increase 20-25% for psychiatrists to around 200 – a national outlook of growth of 10-15% – and decline slightly for psychologists to between 650-675 – national growth outlook up 5-10%, with the most growth in clinical, counseling and school settings.

What is mental health and why does it matter in the workplace?

Mental health is a combination of emotional, psychological and social factors that influence thoughts, feelings and actions. Positive mental health has been shown to increase concentration and memory, reduce anxiety, strengthen personal relationships, result in more rational and clear thinking and improve self-esteem. When a person’s mental health is out of balance or in a state of crisis, the inability to cope with daily stressors can result in depression, anxiety and mood disorders that reduce productivity, engagement, morale and overall well-being in both personal and professional working relationships.

Continue reading →

Labor workforce services branch out to Idaho’s local libraries

Twenty-four libraries across Idaho are increasing their resources to offer job seeker services to their nearby rural communities, and the Idaho Commission for Libraries hopes more will participate.

Logo: Idaho Commission for LibrariesJob seekers in communities like Challis, Priest River, Kuna and New Meadows can now find help with writing resumes, earning their GED, going back to school and on-the-job training – all at their local library. Continue reading →

Aug. 31 online seminar focuses on no-cost support for Idaho small businesses

NEWS RELEASE

For Immediate Release: Aug. 25, 2022
Media Contact: Clinton.Renn@labor.idaho.gov

An overview of the Small Business Development Center (SBDC) is on the agenda for a free Zoom employer seminar Aug. 31 from 9 to 10 a.m. hosted by the Idaho Department of Labor’s Pocatello office.

The seminar will be led by Ann Swanson, regional director for the southeast Idaho SBDC in Pocatello. Her expertise includes business planning and strategy, financing, marketing plans, competitor analysis and cybersecurity. Continue reading →

Idaho’s July unemployment rate shows slight increase to 2.6%

NEWS RELEASE

For Immediate Release: Aug. 19, 2022
Media Contact: Craig.Shaul@labor.idaho.gov or Karen.JarboeSingletary@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.6% in July, up 0.1 percentage points from June.

Map: Idaho counties and July 2022 unemployment rateThe number of Idahoans employed or looking for work grew by 3,938 people (0.4%) to 952,500. Labor force participation increased by 0.1 percentage points between June and July to 62.6%. Idaho’s peak participation rate reached 71.4% in September 1998.

July’s labor force growth was caused by increases in both employed and unemployed persons. Total employment grew by 3,364 (0.4%) to 927,974 while total unemployment increased by 574 (2.4%) to 24,526.

According to Help Wanted Online, there were 63,010 online job postings in Idaho during July, equating to 2.6 job openings for every unemployed Idahoan looking for work.

Continue reading →

Idaho receives more than $3.9 million in funding for AmeriCorps programs

NEWS RELEASE

For Immediate Release: Aug. 15, 2022
Media Contact: Renee.Bade@labor.idaho.gov

Nearly 345 AmeriCorps members will be supporting efforts to provide low-income access to health care, education and mental health services, and serving on environmental education and restoration projects throughout Idaho – all in the name of community service.

Logo: AmeriCorps IdahoIdaho’s AmeriCorps programs are funded by the federal agency AmeriCorps through Serve Idaho, the Governor’s Commission on Service and Volunteerism. Serve Idaho recently received a $3,930,459 grant to fund the AmeriCorps programs from 2022 to 2023. AmeriCorps members give a year of intensive service on a full-time or part-time basis. Continue reading →