Montana Reaches 24th Consecutive Month of Unemployment Below 3

• November 20 2023

HELENA, Mont. – Governor Greg Gianforte today announced Montana reached its 24th consecutive month of unemployment below 3%. Prior to the governor taking office, Montana’s unemployment rate had fallen below 3% only three times since record-keeping began 50 years ago.

“Montana has seen two straight years of unemployment below 3%, shattering previous records,” Gov. Gianforte said. “With hardworking Montanans in mind, we’ll continue to cut red tape, lower taxes, and invest in a stronger workforce to make Montana an even better place to live, work, start a business, and raise a family.”

Payroll jobs in Montana rose by 1,600 in October, with the greatest gains in the leisure and hospitality industries, while total employment (which includes payroll, agricultural, and self-employed workers) fell slightly. Since January 2021, Montana has added nearly 40,000 jobs.

In October, Montana’s labor force grew by nearly 700 workers, adding nearly 9,000 workers since the start of the year.

Montana’s unemployment rate of 2.8% in November is below the national unemployment rate of 3.9% in October.

The Consumer Price Index for All Urban Consumers (CPI-U) remained unchanged in October. Shelter costs continued to rise in October, offsetting a decline in the gasoline index. For the 12-months ending in October, the all-items index rose 3.2%. The index for all items minus food and energy, also called core inflation, increased by 0.2% for the month. For the year ending in October, core inflation was 4.0%. 

###

 ** 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 0.5 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 November 2023, will be released on Friday, December 22^nd.

**** 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.

****** COUNTY UNEMPLOYMENT RATES *****

 The unemployment rate and ranking for each of Montana’s 56 counties is provided below for your convenience.  County unemployment rates and employment levels are not seasonally adjusted and should be compared to the unadjusted statewide unemployment rate of 2.9%.

****** RESERVATION UNEMPLOYMENT RATES ******

 The unemployment rate and ranking for each of Montana’s seven reservations is provided below.  Reservation unemployment rates and employment levels are not seasonally adjusted and should be compared to the unadjusted statewide unemployment rate of 2.9%. Reservation areas overlap with county areas, meaning that unemployed individuals living on a reservation will be included in both the reservation and county totals.

Contacts:
Brooke Metrione, Office of the Governor