Tag Archives: idaho economy

Around Idaho: Economic Activity in July 2020

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 Idaho
Eastern Idaho

 

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

Benewah County

  • The annual Paul Bunyan Days festival in St. Maries has been cancelled due to COVID-19. The four-day event is normally held around Labor Day to celebrate St. Maries’ logging community. This is the first time in the 51-year history of the festival that it has been cancelled. Source: Coeur d’Alene Press

Kootenai County

  • The Panhandle Health District approved a public mask mandate for Kootenai County. The mandate will make it a misdemeanor to be in public places without a mask in situations where social distancing is not possible. Source: Coeur d’Alene Press
  • StanCraft has expanded its development plans at the Coeur d’Alene Airport to include an additional hanger. The Hayden-based company has been building facilities for the retrofitting and customization of jet interiors, with two previously planned hangers expected to come online this fall and a new third hanger now planned for 2021. Source: Journal of Business
  • Fernan Lake has been placed under a public health advisory due to a toxic algae bloom. Residents and recreators have been advised to avoid contact with the water until the algae have subsided. Source: Spokesman Review

Openings

Coeur d’Alene

  • Fern Plant Shop
  • Carl’s Jr.
  • Coeur Vitality Integrative Medicine
  • Wine House CDA
  • Haberdashery

Post Falls

  • New York Pizza Dept

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

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Idaho Unemployment Falls to 5.6 Percent in June

NEWS RELEASE

For Immediate Release: July 17, 2020
Media Contact: Craig Shaul, craig.shaul@labor.idaho.gov or Karen Jarboe Singletary, karen.jarboesingletary@labor.idaho.gov

Nonfarm Jobs Recover 3.5 Percent

Idaho’s nonfarm payrolls regained 24,800 jobs and the state’s seasonally adjusted unemployment rate fell to 5.6 percent as the state’s economy continued to reopen.

June’s unemployment rate dropped 3.4 percentage points from a revised rate of 9 percent in May and down from April’s historic high of 11.8 percent. Previous peak unemployment rates include 10.2 percent for December of 1982 and 9.6 percent for June of 2016 – the Great Recession peak.

The number of unemployed Idahoans fell by 28,961 to 50,267 as total employment recovered by 38,885 to 841,898, up 4.8 percent from May.

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Economic Rebound from COVID-19 Will Take Time

The fallout from COVID-19 has Idaho’s seasonally adjusted unemployment rate soaring from a record low of 2.5 percent in March to a record high of 11.8 percent in April. With the lockdown phasing out in late May and early June in most of the state, many jobs are being restored. But the Idaho economy, as well as economies around the globe, may not rebound completely for some time.

 More than one in four young Idahoans lost jobs

Teens and young adults experienced the most job losses during the first 10 weeks of the crisis. More than one in four (25.6 percent) Idaho workers under 35 years old filed new unemployment insurance claims between March 15 and May 23, while 15.7 of workers 35 years and older filed new claims.

Why did young people encounter especially large unemployment spikes? Youth make up a large proportion of the workforce of the two sectors with the most layoffs – leisure & hospitality and retail – which together accounted for 28 percent of all new unemployment claims. People under age 35 held 60 percent of leisure and hospitality jobs and 43 percent of retail jobs in 2019, according to the Census Bureau’s Quarterly Workforce Indicators. Youth are less likely to hold the managerial and professional jobs that could be done at home. In addition, employers typically lay off less experienced workers, while keeping those with greater seniority.

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Job Postings Drop in Response to COVID-19

As the COVID-19 pandemic sweeps through the nation, tracking its impact on the labor market in real-time is necessary, yet challenging, as data to capture the rapid changes occurring on a daily basis is rarely available.

Weekly initial unemployment insurance claims data is currently the best real-time economic indicator available to capture the supply side of the labor market – it gives some indication of how many people are newly unemployed every week. Job postings are another important indicator providing valuable insight into the demand side of the job market and how employers are responding to the crisis. Continue reading

Idaho Industries Most Affected by COVID-19

COVID-19 is having substantial economic impacts and causing significant job losses as non-essential businesses close. In Idaho, unemployment insurance claims spiked following implementation of Idaho’s stay-home order, with nearly 110,000 total claims filed in the first five weeks following the statewide emergency order. Since then, weekly initial claims averages are roughly 18 times greater than the weekly average in 2019.

While it will take time to understand the full economic impact of COVID-19, it is not too early to detect job loss patterns. Some industries are losing more jobs than others, and while some industry losses are not surprising — like movie theaters, restaurants and salons — others may be counterintuitive. Despite the strain on some parts of the health care industry to treat COVID-19, health care workers are losing their jobs because patients are putting off routine medial care and elective surgeries. Other people are avoiding emergency rooms and urgent care clinics due to fears of contracting COVID-19.

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COVID-19 and Idaho’s Economy – The First Six Weeks

COVID-19 slammed Idaho’s economy in March, causing the most sudden and largest job losses ever. At first, most of the job losses occurred in the tourism industry, as fear of COVID-19 reduced international travel, then domestic travel. Then conventions were canceled, schools closed, classes moved online and the dominoes kept falling. Every day, more businesses shut down or laid off its workers. On March 25, Gov. Brad Little issued a statewide 21-day stay-home order and required non-essential businesses to close.

In the six weeks since the coronavirus began affecting Idaho’s economy, 117,811 claims were filed — 13.5 percent of all Idaho residents who were employed before the crisis.

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Regional COVID-19 Pandemic Weekly Update – May 1, 2020

The COVID-19 (coronavirus) pandemic has created unprecedented disruptions to the economy. Each week in March and April brought news and developments that were historic and overshadowed the previous week’s developments. It has been impossible to keep up with the magnitude and volume of the economic impact affecting Idaho and its regions.

To document this event in Idaho, and the changes our state is experiencing from week to week, the Idaho Department of Labor is providing a weekly update. Pertinent events and data as it becomes available will be provided for each region in Idaho, the state as a whole and the context of the national economy.

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Idaho’s Weekly Initial Claims Because of COVID-19 Reach 117,000

NEWS RELEASE

For Immediate Release: April 30, 2020
Information Contact: Georgia Smith, (208) 332-3570 ext. 2102 or Craig Shaul, (208) 332-3570 ext. 3201

Laid-off Idaho workers filed 117,811 initial claims for unemployment benefits during the six weeks of the COVID-19 state of emergency – twice the total number of initial claims filed in all of 2019.

Initial claims reached 8,827 during the week ending April 25, a 32 percent decline from the previous week.

It was the third week the number of new claims fell, while continued claims – the number of valid claims filed by people who are eligible, currently claiming benefits and still unable to return to work – reached 71,416. Continue reading

Regional COVID-19 Pandemic Weekly Update – April 24, 2020

The COVID-19 (coronavirus) pandemic has created unprecedented disruptions to the economy. Each week in March brought news and developments that were historic and overshadowed the previous week’s developments. It has been impossible to keep up with the magnitude and volume of the economic impact affecting Idaho and its regions.

To document this event in Idaho, and the changes our state is experiencing from week to week, the Idaho Department of Labor is providing a weekly update. Pertinent events and data as it becomes available will be provided for each region in Idaho, the state as a whole and the context of the national economy.

Continue reading

Idahoans File 30,904 More Initial Claims for Unemployment Insurance

NEWS RELEASE

For Immediate Release: April 9, 2020
Information Contact: Georgia Smith, (208) 332-3570 ext. 2102 or Craig Shaul, (208) 332-3570 ext. 3201

Idaho workers laid off due to the coronavirus filed 30,904 initial claims for unemployment insurance between March 29 and April 4, a decrease of 6.2 percent from the previous week’s record level of 32,941.

The combined three-week total of claims filed since Gov. Brad Little declared a state of emergency the week of March 8 is 77,430 – an increase of 7,400 percent.

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