Tag Archives: idaho economy

Idaho’s May Unemployment Rate Falls to Historic Low of 2.5%

NEWS RELEASE

For Immediate Release: June 17, 2022
Media Contacts: Karen.JarboeSingletary@labor.idaho.gov or Salvador.Vazquez@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.5% in May, down from April’s rate of 2.6%. May’s rate marks the fourth consecutive month of historic lows since record keeping began in 1976.

Idaho map-county unemployment rates May 20223=The number of Idahoans employed or looking for work grew by 6,373 people (0.7%) to 943,390. Labor force participation increased by 0.3 percentage points between April and May to 62.4%. Idaho’s peak participation rate reached 71.4% in September 1998.

Total employment grew from April by 6,823 (0.7%) to 919,785 while total unemployment dropped by 450 (-1.9%) to 23,605.

According to Help Wanted Online, there were 63,998 online job postings in Idaho during May, or 2.7 job openings for every unemployed Idahoan looking for work.

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Idaho’s wage growth driven by lower income earners

While average wage gains seem to fit in an orderly pattern over the past 10 years, large differences exist in how these gains have been distributed among lower and higher wage earners.

Average wage increases provide one view of an economy’s current situation but looking at wages by percentiles shows where hourly income growth and declines are occurring.

Each percentile represents 1% of the labor force with hourly wages arranged in order from least to greatest. For example, the 10th percentile represents wages paid to the lowest 10% of the labor population. Wages in the 90th percentile are those paid to 90% of the working population. Any wages above the 90th percentile represent the top 10% of total wage earners.

The 50th percentile, also called the median, represents the midpoint value in a data series where half of the values (wages in this case) are below and half are above. The median differs from the average, which is calculated by adding up all the individual values and dividing the total by the number of values. The average wage may be a great tool for gauging overall change trends, but this figure can also be skewed by significant outliers on either extreme of wage distribution.

This analysis focuses on Idaho’s median wages for each of the percentiles reported by the U.S. Bureau of Labor Statistics: 10%, 25%, 50%, 75% and 90%.

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Around Idaho: Economic Activity in May 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 nonprofit urban planning and community development organization, CDA 2030, published a new “Vision and Implementation Plan” for the greater Coeur d’Alene community. The plan outlines 134 actions and recommendations related to housing, park space, conservation and other quality-of-life items for the area. Source: Coeur d’Alene Press
  • North Idaho College received a $524,000 grant from the Idaho Workforce Development Training Fund to support its Workforce Training Center. The grant will fund apprenticeship programs for tradespeople and heavy equipment operators in the construction industry. The goal is to help meet the region’s enormous need for construction labor. Source: Coeur d’Alene Press

Openings – Coeur d’Alene

  • Capriotti’s Sandwich Shop
  • CDA Pet Market
  • Stylus Wine & Vinyl Bar
  • Integrity Mental Health
  • CaterCDA
  • Lake City Deluxe Barbershop
  • Brandon Cope Massage
  • Patriot Hangout
  • Sarah Hamilton FACE

Post Falls

  • Auto Paint Plus
  • North Idaho Urology
  • St Joseph’s Ear, Nose, Throat & Allergy Clinic

Hayden

  • Open Arms

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

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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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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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Hispanics, minorities continue to boost Idaho’s economic growth

NEWS RELEASE

For Immediate Release: April 28, 2022
Media Contact: Craig.Shaul@labor.idaho.gov

The economic influence of Idaho’s minorities and Hispanic populations has continued to expand over the past 10 years and projections show it’s not likely to slow down.

Growth in buying power for nearly all cultures in Idaho outpaced the U.S. average, according to estimates provided by the Selig Center for Economic Growth at the University of Georgia. From 2010 to 2020, Idaho experienced some of the highest multicultural consumer growth in spending across all U.S. states. White people, Black people and American Indians ranked in the top five highest percent change of consumer spending over this time period. 

Chart: growth in consumer spending 2010 to 2020, Idaho and the U.S. Continue reading

Idaho’s March unemployment rate falls to historic low of 2.7%

NEWS RELEASE

For Immediate Release: April 15, 2022
Media Contact: Craig.Shaul@labor.idaho.gov or Karen.JarboeSingletary@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.7% in March – down from February’s rate of 2.8%. This marks a new record low since the series began in 1976.

The number of Idahoans employed or looking for work grew by 5,082 people (0.5%) to 932,278. Labor force participation increased by 0.2 percentage points between February and March to 62%. Idaho’s peak participation rate reached 71.4% in September 1998.

Total employment grew from February by 6,467 (0.7%) to 907,537 while total unemployment dropped by 1,385 (-5.3%) to 24,741.

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Around Idaho: Economic Activity in March 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

  • Work is nearly complete on a new water tower in Hayden, which will store 2 million gallons of water. This will increase the city’s water pumping capacity 26 times over, not only meeting higher demand from the area’s rapid population growth, but also meeting the next 20 years of projected water demand growth. Source: Coeur d’Alene Press
  • Work is underway on a mixed-use development located on the former Idaho Veneer mill site in Post Falls. The new development will include more than 120 residential units in a mix of multifamily and townhomes, as well as a dual brand hotel. Source: Journal of Business

Openings
Coeur d’Alene

  • Anchored Coffee
  • Align Yoga Studio
  • Lakeside Integrative Headache Center
  • Runway Salon
  • CenterWell Home Health
  • Memory Lane Gems
  • Manna
  • Lakeside Lox
  • European Wax Center
  • Local Market at Atlas
  • Heirloom Bridal

Region

  • Metro Express Car Wash, Post Falls
  • Post Falls RV Campground, Post Falls
  • Heart of Hope Health, Hayden
  • Dollar General, Athol
  • Ultimate Concrete Coatings, Rathdrum

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

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Idaho’s February Unemployment Rate Drops to 2.8%

NEWS RELEASE

For Immediate Release: March 25, 2021
Media Contact: Karen.JarboeSingletary@labor.idaho.gov or Salvador.Vazquez@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.8% in February – down from January’s rate of 3%.

The number of Idahoans employed or looking for work grew by 2,936 people (0.3%) to 927,314 – a larger over-the-month increase than any month during 2021.

Labor force participation increased by 0.1% between January and February to 61.9% – the first increase since October 2021. Idaho’s peak participation rate reached 71.4% in September 1998.

Total employment grew by 4,115 (0.5%) to 901,083 while total unemployment dropped from January by 1,179 (-4.3%) to 26,231.

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McCall Labor Office moves to 1st Street

-Mobile employment services also available in Cascade, Council and New Meadows-

Idahoans living in remote, rural areas of Idaho’s West Central Mountains can now access state employment services in Cascade, Council, McCall and New Meadows.

The Idaho Department of Labor’s McCall mobile office is operating from a new location. Central District Health Department at 701 1st St. in McCall is sharing its space for walk-in Labor customers on Mondays, 8:30 a.m. to 4:30 p.m., (closed from noon to 1 p.m. for lunch) and on Fridays from 8:30 a.m. to noon. Additional meeting times are available by appointment.

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