Tag Archives: nonfarm jobs

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 →

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.

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Idaho’s June unemployment rate remains at 2.5%

NEWS RELEASE

For Immediate Release: July 22, 2022
Media Contact: Craig.Shaul@labor.idaho.gov or Karen.JarboeSingletary@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.5% in June, unchanged from May and remaining at a historic low.Idaho map-unemployment rates by county

The number of Idahoans employed or looking for work grew by 5,190 people (0.6%) to 948,576. Labor force participation increased by 0.1 percentage points between May and June to 62.5%. Idaho’s peak participation rate reached 71.4% in September 1998.

June’s labor force growth was caused by increases in both employed and unemployed persons. Total employment grew by 4,807 (0.5%) to 924,605 while total unemployment increased by 383 (1.6%) to 23,971.

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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 Contact: Karen.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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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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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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Idaho’s December Unemployment Rate Reaches Historic Low of 2.4%

NEWS RELEASE

For Immediate Release: Jan. 21, 2022
Media Contact: Karen.JarboeSingletary@labor.idaho.gov or Craig.Shaul@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.4% in December, a historic low and one-tenth of a percentage point below the state’s previous record of 2.5% in December 2019.

The number of Idahoans employed or looking for work grew by 806 people (0.1%) to 909,467 – marking the smallest over-the-month labor force gain through the last five months of 2021.

Labor force participation decreased slightly from 62.3% to 62.2% in December. The state’s participation rate dropped below the previous historic low in June 2021 and has continued decreasing in the months since – an indication of a persistently tight labor market. Idaho’s peak participation rate reached 71.4% in September 1998.

Total employment grew by 2,522 to 887,379, up 0.3%, while total unemployment dropped by 1,716 (7.2%) to 22,088. According to The Conference Board’s Help Wanted Online there were 51,765 online job openings in Idaho in December – a ratio of 2.3 openings for every unemployed Idahoan.

Idaho’s nonfarm job growth exceeded seasonal expectations in December, up 2,000 jobs (0.3%) for a total of 790,500 jobs. Industry sectors with the greatest over-the-month gains include natural resources (4.9%); information (3.9%); transportation, warehousing and utilities (2.4%); durable goods manufacturing (1.6%); federal government (0.8%); professional and business services (0.5%); local government (0.4%); accommodation and food services (0.4%); and retail trade (0.3%). Continue reading →

Idaho Employment Growth Projected to Continue Through 2023

Idaho’s robust labor market is expected to continue in the short term, according to new projections from the Idaho Department of Labor. Throughout 2020 and 2021, Idaho demonstrated consistent labor market resilience, becoming one of the first states to recover its job losses from the COVID-19 pandemic, and ranking – along with Utah – far ahead of all other states in post-pandemic job growth.

This growth is expected to persist through 2023 as in-migration and a growing demand for services continue to support Idaho’s economic strength.

The department’s newest short term projections forecast roughly 34,000 new jobs to be added in the state through 2023 for a growth rate of 2.1% per year. While almost all Idaho industries are projected to see job gains, rapid growth is expected in industries tied to high in-migration levels, such as construction and sectors still recovering from the COVID-19 pandemic.

Construction is projected to add 3,000 new jobs for an annual growth rate of 2.7% as demand for new housing remains high. The fastest projected growth rate, however, is in leisure and hospitality, forecasted to grow at 3.7% annually. This sector, which includes hotels and restaurants, was slower to recover from COVID-19 and therefore has room to re-add jobs lost in 2020.

Short-term job growth in Idaho tableSource: Idaho Department of Labor

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Idaho’s October Unemployment Rate Drops to 2.8%

NEWS RELEASE

For Immediate Release: Nov. 19, 2021
Media Contact: Craig Shaul, Craig.Shaul@labor.idaho.gov or Karen Jarboe Singletary, Karen.JarboeSingletary@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.8% in October, down 0.1 percentage points from September.

The state’s labor force grew by 1,470 (0.2%) people to 907,622 – the second largest over-the-month increase this year. The labor force participation rate remained at 62.4%.

Total employment grew by 2,270 to 882,543, up 0.3%, while total unemployment dropped 3.2% (-800) to 25,079.

Idaho’s nonfarm payroll jobs were 1,300 below seasonal expectations at 785,700 in October, down 0.2% from 787,000 in September. Industries with fewer jobs than expected included information (-3.8%); accommodation and food services (-2.5%); transportation, warehouse and utilities (-1.1%); federal government (-0.8%); professional and business services (-0.4%); retail trade (-0.2%); and financial activities (-0.2%). Continue reading →