Montana’s unemployment rate is fifth lowest in the nation
HELENA, Mont. – Montana’s unemployment rate hit another record low in February, dropping to 2.6% for the month, down from January’s rate of 2.7%. Montana’s total employment and labor force continued to show strong growth in February, both setting new all-time highs.
“Hardworking Montanans and Montana businesses are fueling our historic economic recovery, with record-low unemployment in Montana and more Montanans working than ever before,” Governor Greg Gianforte said. “And while Montanans are making gains, skyrocketing inflation is making it harder to fill their gas tanks, put food on their table, and make ends meet. It’s time for the federal government to get inflation under control by putting an end to its out-of-control spending.”
Montana’s unemployment rate is the 5th lowest in the nation.
Since Governor Gianforte was elected in November 2020, more than 22,500 Montana jobs have been created.
Furthermore, the State of Montana has not only recovered all jobs lost since the start of the pandemic, but also grown beyond that level, with 542,086 Montanans employed in February compared to 525,909 in March 2020.
Montana’s labor force reached its highest recorded level ever in February at 556,359. The state’s labor force grew by approximately 1,300 workers in the month, and approximately 950 fewer people were unemployed. Montana’s labor force has grown by nearly 11,000 workers from its pre-pandemic level in March of 2020.
Montana’s total employment, which includes payroll, agricultural, and self-employed workers, rose 2,328 in February to 542,086, the highest level recorded in Montana history.
While Montana’s unemployment rate was 2.6% in February, the unemployment rate for the U.S. was 3.8%.
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** 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 Market Information report including data from March 2022 will be released on Friday April 15.
