Montana continues record-breaking 43 months of low unemployment

HELENA, MT – Governor Greg Gianforte on March 17th, announced the unemployment rate has fallen to 2.8 percent, the lowest unemployment rate since September 2023, continuing the record of 43 consecutive months of unemployment at or below 3.4 percent.

“Montanans are working, wages are growing, and our economy remains strong and resilient,” Governor Gianforte said. “With the support of our partners in the Legislature, we’re advancing and implementing our pro-jobs, pro-family agenda to protect our way of life, slash red tape, and get government out of the way so businesses can create more good-paying jobs.”

Montana’s unemployment rate was 1.2 percent lower than the national unemployment rate, which is 4 percent.

Total employment (which includes payroll, agricultural, and self-employed workers) decreased slightly in January. Payroll jobs increased by 200 in January with gains in construction, transportation, and trade employment, while employment declined in leisure and hospitality.

Newly revised estimates released each year in March show Montana’s unemployment rate averaged 3 percent in 2024. Annual employment estimates show that Montana added 3,000 jobs in 2024 for a growth rate of 0.5 percent. The labor force reached a record high of 579,000 in 2024, growing 0.8 percent over the year.

In January, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent over the month. Increases in the shelter index comprised nearly thirty percent of the monthly increase. Over the last 12 months, the all items index increased 3 percent before seasonal adjustment. The index for all items minus food and energy, or core inflation, rose 0.4 percent in January.

** 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 0.5 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 Data and Operations Bureau at 406-444-4100.

The next Labor Market Information report, including data from February 2025, will be released on Friday, March 28^th.

**** INFORMATION AVAILABLE ON THE INTERNET ****

Visit our website at www.lmi.mt.gov for additional information and analysis, including industry employment levels, background on the unemployment rate, and wage rates by occupation.Visitwww.lmi.mt.gov/home/job-tracking for Montana unemployment claims and current economic data.

****** COUNTY UNEMPLOYMENT RATES ******

The unemployment rate and ranking for each of Montana’s 56 counties is provided below for your convenience. County unemployment rates and employment levels are not seasonally adjusted and should be compared to the unadjusted statewide unemployment rate of 3.2%.

****** RESERVATION UNEMPLOYMENT RATES ******

The unemployment rate and ranking for each of Montana’s seven reservations is provided below. Reservation unemployment rates and employment levels are not seasonally adjusted and should be compared to the unadjusted statewide unemployment rate of 3.2% . Reservation areas overlap with county areas, meaning that unemployed individuals living on a reservation will be included in both the reservation and county totals.