Tag Archives: idaho economy

Idaho’s September Labor Force Reaches Record High

NEWS RELEASE

For Immediate Release: Oct. 16, 2020
Media Contact: Craig Shaul, Craig.Shaul@labor.idaho.gov or Karen Jarboe Singletary, karen.jarboesingletary@labor.idaho.gov

Record growth in the state’s seasonally adjusted labor force increased September’s unemployment rate to 6.1 percent, up from 4.2 percent in August. The labor force is up by 22,129 (+2.5 percent) to 918,644. As a result, the number of unemployed increased by 18,806, even as total employment continued to grow by 3,323 (+0.4 percent).

The record gains also pushed the state’s labor force participation rate – the percentage of people 16 years and older with jobs or looking for work – up from 63.7 percent in August to 65.1 percent in September. The last time Idaho’s participation rate was at or above 65.1 percent was in August 2010 – just over 10 years ago.

Total nonfarm jobs dropped by 1,000 (-0.1 percent) to 758,600 for September. A substantial gain of 1,800 jobs in leisure and hospitality (+2.3 percent), combined with modest increases in financial activities, natural resources, and trade, transportation and utilities, were not enough to compensate for job declines in other industries, including a loss of 2,200 jobs in government (-1.7 percent).

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Idaho’s Economy Recovering from COVID-19

Idaho was in its third longest period of economic expansion when COVID-19 reached the state and Gov. Brad Little proclaimed an emergency.

The economic shutdown that followed impacted the nation and Idaho full force in late March and in April as the state’s record low, 2.5 percent unemployment rate soared to a historic high of 11.8 percent.

After April’s COVID-19 economic shockwave, the economy gradually reopened from May through June as the Rebound Idaho Plan progressed through its four stages. Dramatic improvements to the state’s jobs and labor force statistics followed suit and by July had clearly emerged with one of the least affected economies by the pandemic in the nation.

Read the report on Idaho’s Rebound from Labor economists and analysts for more details on Idaho’s recovery since the record high unemployment in April.

Around Idaho: Economic Activity in August 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

Bonner County

  • Tamarack Aerospace Group, which successfully emerged from bankruptcy this year, is expanding its operations by adding a hanger and additional office space in Sandpoint, as well as a new facility in the United Kingdom. The new hanger space will be used for the installation of Tamarack’s fuel-efficiency boosting jet winglets. Source: Journal of Business

Kootenai County

  • Construction is underway on a new five-story, 62-unit apartment complex in Coeur d’Alene’s Riverstone development. Completion is anticipated for fall, 2021. Source: Coeur d’Alene Press
  • Coeur d’Alene City Council voted to demolish two abandoned hotels in the city. The hotels were acquired by the city in a land swap with the local charity organization St. Vincent de Paul. A new use has not been confirmed for the land currently occupied by the hotels, but public parking and a pocket park have been suggested by the city’s planning officials. Source: Coeur d’Alene Press
  • Public schools in Coeur d’Alene have pushed back the start of school to Sept. 14 and will begin with a blended learning approach that combines online learning with classroom time. Students will attend school in person on alternate days (determined alphabetically by last name) to halve classroom size on any given day. Source: Coeur d’Alene Press

Openings – Coeur d’Alene

  • LunchboxWax
  • Spice & Tea Exchange Tea Bar
  • CAL Cars
  • Good Time Tap Room
  • Vapor Lounge
  • Engel & Volkers Luxury Real Estate
  • Sweet Treats Frozen Yogurt

Openings – Post Falls

  • Select K9 Resort
  • SWEET Pea Imagery
  • Bluegrass Baby Boutique
  • India House

Openings – Hayden

  • Voltage Studios

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

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Supplementary Economic Indicators Offer Insight During COVID

In economics, it can often seem that nothing happens for years at a time, only for years’ worth of change to happen all at once. The economy, in other words, can seem stable – or even boring – until suddenly it is not. In Idaho, for example, the changes in total nonfarm employment in April, May and June 2020 exceeded (in absolute terms) all the changes that occurred from 2015 to the end of 2019. Owing to the pandemic shock of COVID-19, three months saw more volatility in Idaho’s labor market than the preceding four years.

When economic events gain velocity, especially in the face of a serious recession, a variety of labor market indicators take on new importance, especially those updated monthly or even weekly, rather than quarterly or annually. Several labor market indicators can add to a real time understanding of economic conditions as a supplement to the Department of Labor’s headline statistics like unemployment rates and nonfarm employment numbers.

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Idaho Unemployment Falls to 5 Percent in July

NEWS RELEASE

For Immediate Release: Aug. 21, 2020
Media Contact: Craig Shaul, craig.shaul@labor.idaho.gov or Karen Jarboe Singletary, karen.jarboesingletary@labor.idaho.gov

Nonfarm Jobs Recover 1.9 Percent

Idaho’s nonfarm payrolls regained 14,000 jobs, and the state’s seasonally adjusted unemployment rate fell to 5 percent as the state’s economy continued to reopen.

July’s unemployment rate dropped 0.8 percentage points from a revised rate of 5.8 percent in June and down from April’s historic high of 11.8 percent. Previous peak unemployment rates include 10.2 percent for December 1982 and 9.6 percent for June 2016 – the Great Recession peak.

The number of unemployed Idahoans fell by 6,917 to 44,722 as total employment recovered by 12,843 to 856,251, up 1.5 percent from June.

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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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