Montana’s Unemployment Rate Hits Record Low With Strong Jobs Growth

Governor Greg Gianforte today announced Montana’s unemployment rate decreased 0.3% in November to 2.8%, tying the lowest unemployment rate ever recorded in the state. Strong job growth continued in November, with over 3,000 jobs created.

“Montana is closing out the year with yet another month of record-setting employment and strong growth in our labor force,” said Governor Greg Gianforte. “As we enter a new year, we’ll continue enacting our pro-jobs, pro-growth agenda to complement the unmatched work ethic of Montanans.”

Since Governor Gianforte was elected in November 2020, Montana’s unemployment rate has dropped from 4.5% to 2.8%, matching a record low from February 2007. Montana’s unemployment rate is well below the national rate of 4.2%.

Meanwhile, Montana’s total employment, which includes payroll, agricultural, and self-employed workers, grew by 3,069 in November, which is the fastest job growth recorded for the year.

For the third consecutive month, the number of employed Montanans hit a new record high of 528,142. The number of unemployed Montanans also continued to drop, hitting 15,403 – 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 labor shortage, increased by 1,543. Montana’s labor force has grown by more than 10,000 workers since the governor took office in January.

Private payroll employment increased by 3,100 jobs, with construction, retail, healthcare, and professional services posting meaningful job gains of 500 jobs or more. Public sector payroll employment posted a small decline for the month.

While celebrating November’s historic jobs report, the governor again called on the federal government to address rising inflation.

“Inflation is rising at a record pace not seen in nearly 40 years, and it’s robbing hardworking Montanans of what they earn. Every Montanan feels it, and we can’t afford for the federal government to continue driving up inflation with trillions more in new government spending,” Gov. Gianforte said.

The Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.8% in November 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 0.5% in November.