Inflation continues to take toll on Montana families
HELENA, Mont. – Key employment indicators remained strong in Montana in April, with the state’s unemployment rate remaining at a record low and the state’s labor force and total employment reaching record highs, according to the U.S. Bureau of Labor Statistics.
“Montana’s record-breaking jobs recovery and economic comeback are strong thanks to hardworking Montanans,” Governor Greg Gianforte said. “Our continued focus on cutting taxes, rolling back red tape, and attracting and training workers in critical industries like health care, construction, and manufacturing is key to fueling future job creation, growth, and prosperity.”
Montana’s unemployment rate in April remained at a record-low 2.3%, the fifth lowest in the nation, beating the national rate of 3.6%.
Since Gov. Gianforte was elected, Montana’s unemployment rate has dropped from 4.2% to 2.3%. Five of the 6 months with the lowest unemployment rate in Montana history have been on Gov. Gianforte’s watch – January to April 2022 and November 2021.
More than 28,000 jobs have been created in Montana since Gov. Gianforte was elected in November 2020. Montana’s total employment is at its highest level ever recorded with 547,573 Montanans working and with 2,232 additional employed workers over March.
In April, Montana’s labor force reached another record high at 560,706, with roughly 2,268 new workers entering the state’s labor force.
Despite another positive jobs report, inflation continues to take a heavy toll on Montana families, with Montanans facing a nearly 13 percent increase in prices from January 2021 to April 2022, one of the highest rates in the nation.
Montana households are paying an average of $652 more per month due to inflation, including $66 more in food costs, $107 more in shelter costs, $290 more in transportation costs, and $166 more in energy costs.
On an annualized basis, Montanans are facing cost increases of more than $7,800 per year due to inflation, according to the U.S. Congress Joint Economic Committee.
“Montana families are struggling to make ends meet as the Biden administration has imposed an inflation tax on them, eating away at what they work hard to earn. We wouldn’t be in this massive hole if the federal government hadn’t recklessly spent trillions of dollars it didn’t need to spend,” Gov. Gianforte said. “The best way out of a hole is to stop digging, and the best way out of the Biden inflation hole is for the president to stop with the out-of-control spending.”
###
** 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 May 2022 will be released on Friday, June 17.
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.
