Number of Montanans employed grows for 26th consecutive month
HELENA, Mont. – The number of Montanans employed grew in June 2022 for the 26th consecutive month, reaching a new all-time high, according to data from the Montana Department of Labor and Industry and the U.S. Bureau of Labor Statistics (BLS).
Also in the month of June, Montana’s labor force grew to its largest level on record, and the state’s unemployment rate remained near historic lows.
“More Montanans are working than ever before, and our expanding workforce is helping job creators fill key positions across the state. Montana workers continue to benefit from strong private sector job growth,” Governor Greg Gianforte said. “Our economy continues to show strong signs of job growth, but with the federal government’s out-of-control spending, Montanans are paying higher prices for gas and groceries as inflation reached its highest level in 41 years.”
Payroll employment in Montana rose by a strong 4,400 jobs in June, with the largest gains in private sector health care, accommodation, and food service industries. In June 2022, 1,095 jobs were created, with 30,550 jobs created since Gov. Gianforte was elected in November 2020.
With 550,112 Montanans employed in June, Montana has recovered 146 percent of the jobs lost at the start of the COVID-19 pandemic.
Montana’s labor force continued its robust growth in June, adding roughly 1,789 workers to bring it to 564,537, a new all-time high.
For the second month in a row Montana’s labor force growth narrowly outpaced its job growth, resulting in a slight uptick in the unemployment rate for June by 0.2% to 2.6%, the third lowest rate ever recorded in Montana.
The unemployment rate for the U.S. remained at 3.6% in June.
Over the last 12 months, inflation has skyrocketed to 9.1%, with the Consumer Price Index for All Urban Consumers (CPI-U) at its highest level since November 1981. Price increases were broad-based, led by increases in energy, shelter, and food costs.
According to BLS, between June 2021 and June 2022, gas prices increased by 59.9%, grocery prices by 12.2%, energy services prices by 19.4%, airfare prices by 34.1%, new vehicle prices by 11.4%, and baby food by 14.0%
** 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 July 2022 will be released on Friday, August 19.
**** 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.
