Montana's Unemployment Rate Hits 14-Year Low

Montana’s unemployment rate hit a 14-year low, dropping to 3.5% in August. The national unemployment rate for August is 5.2%.

“With Montana open for business and more Montanans returning to good-paying jobs, our economic and jobs recovery continues at a strong pace,” Governor Greg Gianforte said. “Montana is a leader in our nation’s economic comeback, with our state’s unemployment rate at its lowest level in 14 years.”

Montana’s unemployment rate of 3.5% in August is the state’s lowest since July 2007, when it was also 3.5%.

In August, 521,408 Montanans were employed, recovering nearly 100% of the jobs lost since the start of the COVID-19 pandemic in March 2020.

The state’s total employment, which includes payroll, agricultural, and self-employed workers, grew by 1,505 in August. Since January 2021, Montana’s total employment has grown by more than 9,700.

Payroll jobs posted an increase of 600 jobs since June. In the last two summer months, private employment increased substantially, but government jobs have declined.

The rate of inflation moderated in August with the Consumer Price Index for All Urban Consumers (CPI-U) increasing by 0.3% over the month in August. The over-the-year price increase was 5.3%, slightly lower than last month. Price increases continue to be driven primarily by high prices for used cars and trucks and energy commodities. The index for all items less food and energy, referred to as core inflation, increased 0.1% in August.

** Unemployment figures are seasonally-adjusted. Seasonally-adjusted numbers remove the effects of events that follow a more or less regular month-to-month pattern each year. These adjustments make non-seasonal patterns easier to identify. The margin of error for the unemployment rate is plus or minus 0.6 percentage points at the 90 percent confidence level. All questions relating to the calculation of unemployment rates should be directed to the Montana Department of Labor & Industry’s Research and Analysis Bureau at 406-444-4100.

The next Labor Situation Report for the month of August will be released on Friday, October 22nd.