Record stretch of 38 consecutive months of state’s unemployment rate at or below 3.4%

HELENA, MT – Governor Greg Gianforte on Sep 20th, announced Montana’s unemployment rate rose 0.1% to 3.2% in August and remains a percentage point below the national average of 4.2%, according to data from the U.S. Bureau of Labor Statistics (BLS) and the Montana Department of Labor and Industry.

“Thanks to our impressive job and wage growth, Montanans are better equipped to handle still-high inflation brought on by the Biden-Harris administration,” Gov. Gianforte said. “We’ll continue to grow our economy and welcome investment from around the world to create good-paying jobs and help more Montanans reach the American dream.”

The state’s unemployment rate of 3.2% in August continues a record of 38 consecutive months with the rate at or below 3.4%. The next closest stretch was during 2006 and 2007, when the state’s unemployment rate remained at or below 3.4% for 15 consecutive months.

In a recent report, the Montana Department of Labor and Industry announced that under Gov. Gianforte’s leadership, Montana’s labor force reached a record high of 580,000 people in 2023, with more than 10,000 Montanans entering the labor force last year alone. Last month, total employment rose by 532 jobs and 1,046 more Montanans entered the labor force. Payroll employment rose by 1,700 jobs. Job gains in construction and the public sector contributed to employment increases.

Montana was recently announced as the state with the 2nd fastest wage growth in the nation and 8th for the fastest job growth.

BLS reports inflation continued to moderate as the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2% in August, the same increase as in July, on a seasonally adjusted basis for a 12-month change of 2.5%. Shelter costs continue to be the main contributor to overall inflation, rising 0.5% in August, while gasoline prices decline.

While inflation continues, studies show Montana was one of only two states where wages have outpaced inflation since 2020.

** 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.

**** 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. Visit www.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.