Wages grow at 5th fastest rate in the nation in 2022
HELENA, Mont.– Governor Greg Gianforte today announced Montana’s unemployment rate remained at an all-time low of 2.3% in May, bucking national trends as the country’s unemployment rate rose from 3.4 to 3.7%.
In 2022, average annual wages in Montana grew at the fifth fastest rate in the nation, according to recently released data from the Quarterly Census of Employment and Wages.
“With our pro-jobs policies and the unparalleled work ethic of Montanans, we continue to outperform states in job creation, wage growth, and low unemployment,” Gov. Gianforte said. “While the Biden administration picks winners and losers in our economy and advances activist, woke policies, we’re making Montana the best state in the country to live, work, start a business, and raise a family.”
According to data compiled by the federal Bureau of Labor Statistics and the Montana Department of Labor & Industry, total employment in Montana, which includes payroll, agricultural, and self-employed workers, added 1,478 jobs in May.
Montana’s labor force added 1,882 workers, topping 575,000 workers in the labor force for the first time in state history.
May marks the twentieth consecutive month of unemployment below 3.0% in Montana.
Since Gov. Gianforte was elected, more than 40,000 new jobs have been created in Montana.
In May, the Consumer Price Index for All Urban Consumers (CPI-U), which measures inflation, rose 0.1% over-the-month. Shelter was the largest contributor to the increase, followed by used cars and trucks. The index for all items minus food and energy, also called core inflation, increased by 0.4% for the month, with a 5.3% increase for the year ending in May.
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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 Data and Operations Bureau at 406-444-4100.
The next Labor Market Information report, including data from June 2023, will be released on Friday, July 21st.
**** Information Available on the Internet ****
Visit 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.