Labor force participation rate increases as more Montanans enter workforce
BOZEMAN, Mont. – Governor Greg Gianforte today announced Montana’s economy continued its strong growth in July, reaching a new record high for the number of Montanans employed. Job creation in Montana grew in July for the 27th consecutive month.
According to data compiled by the U.S. Bureau of Labor Statistics (BLS) and the Montana Department of Labor & Industry, Montana’s labor force added 1,470 workers in July, while Montana’s total employment grew by 712 workers.
“With our focus on trades education and expanding opportunities for good-paying careers, more and more Montanans are getting back to work,” Gov. Gianforte said. “Montana’s record job growth is easing our workforce shortage and providing relief to employers who are hiring.”
Importantly, Montana’s labor force participation rate rose to 62.7% as more and more Montana workers reentered the workforce. Nearly 24,000 workers have been added to Montana’s labor force since Gov. Gianforte took office, and labor force levels are at historic highs. The state’s labor force participation rate is the proportion of the working-age population that is either working or actively looking for work.
Private sector payrolls had a net gain of 500 jobs in July, with health care and social assistance leading the way with 800 jobs added.
Montana’s unemployment rate was 2.7% in July, as labor force growth continued to outpace total employment. The unemployment rate for the U.S. was at 3.5% in July.
Inflation over the last 12 months ticked down slightly in July to 8.5%. In June, the Consumer Price Index for All Urban Consumers (CPI-U) reached 9.1%, its highest level since November 1981. In July, prices for gasoline and natural gas fell while the food and shelter indexes rose.
According to BLS, between July 2021 and July 2022, gas prices increased by 44.0%, energy services prices by 18.8%, grocery prices by 13.1%, baby food prices by 15.0%, infants’ and toddlers’ apparel prices by 8.2%, airfare prices by 27.7%, and new vehicle prices by 10.4%.
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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 0.5 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 Research and Analysis Bureau at 406-444-4100.
The next Labor Market Information report including data from August 2022 will be released on Friday, September 16.
**** 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-trackingfor Montana unemployment claims and current economic data.
