Montana Hits Record Employment As Unemployment Rate Falls to 3.1%
Governor Greg Gianforte today announced the number of employed Montanans hit an all-time high in October as Montana’s unemployment rate fell to 3.1%, a low achieved only six times over the last 45 years, according to the U.S. Bureau of Labor Statistics. Total employment grew by nearly 2,400 jobs while the labor force expanded by nearly 1,200 workers.
“By opening Montana for business, we have more Montanans working than ever before,” Governor Greg Gianforte said. “We’ll continue enacting policies that create more Montana jobs, increase opportunities, and bring the American dream into greater reach for more Montanans.”
Since Governor Gianforte was elected in November 2020, Montana’s unemployment rate has dropped from 4.5% to 3.1%, a low not seen since April 2007.
The state’s unemployment rate of 3.1% in October is down from 3.3% in September and down from 11.9% in April 2020. The lowest unemployment rate ever recorded in Montana was 2.8% in February of 2007.
Montana’s unemployment rate of 3.1% is below the national rate of 4.6%.
The number of employed Montanans hit a new record high of 525,220 in October. Montana’s total employment, which includes payroll, agricultural, and self-employed workers, grew by 2,395 in October, continuing the strong job growth posted since March.
Meanwhile, the number of unemployed Montanans fell to 16,908, the lowest number of job seekers without work since 2007.
The number of available workers in Montana’s labor force, a critical metric of concern during the current nationwide labor shortage, increased by 1,199. Private payroll job levels increased by 1,100 over the month, with a small decline in public sector employment.
The Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.9% in October with broad-based increases in most goods. Gasoline prices increased 6.1%. The index for all items less food and energy, referred to as core inflation and an important metric for future inflation expectations, increased 0.6% in September.
“Whether at the grocery store or the gas pump, Montanans are seeing their paychecks stretched thinner and thinner as inflation reaches highs we haven’t seen in more than a generation,” Gov. Gianforte said. “It’s time for the Biden administration to turn off the spigot of out-of-control spending to get inflation under control.”