The following is the text of the Idaho Department of Labor presentation to the Idaho Legislature Economic Outlook and Revenue Assessment Committee on Jan. 8, 2015.
After a slow start, Idaho’s economic recovery from the worst recession since World War II picked up significantly in late 2012. Job creation exceeded the national rate by more than a full percentage point during spring 2013.
The unemployment rate has been steadily falling from the recession high 8.8 percent in late 2010 to 3.9 percent in November. Unemployment is now approaching the record lows before the recession although these rates are typically revised in March after additional data gathered over the past year are assessed.
Recognizing that adjustments will be made to the employment data for the past year, based on current data the department estimates the average annual unemployment rate for FY2015 at 4.1 percent, down from 5.5 percent the previous fiscal year. Barring unexpected economic events the following 12 months, the rate should continue falling to average 3.6 percent for Fiscal Year 2016.