Montana’s Unemployment Rate Hits All-Time Low

Montana’s unemployment rate 4th lowest in the nation

• March 16 2023

HELENA, Mont. – Governor Greg Gianforte today announced Montana’s unemployment rate declined to 2.5% in January, matching the record low set in the governor’s second year in office, according to data from the U.S. Bureau of Labor Statistics (BLS) and the Montana Department of Labor and Industry.

Montana’s unemployment rate in January is the fourth lowest in the nation.

“Hardworking Montanans continue to drive our state’s growing economy, despite severe national headwinds. Montanans are setting new records for job creation, business creation, and employment,” Gov. Gianforte said. “With them in mind, we’ll keep building on our pro-business, pro-growth, pro-jobs agenda so more Montanans can thrive, prosper, and achieve the American dream.”

Montana’s unemployment rate has only dipped below 3% in 18 months since recordkeeping began in 1976. Fifteen of those 18 months have taken place during Gov. Gianforte’s tenure.

Since Gov. Gianforte took office in 2021, Montanans have created nearly 33,000 jobs.

In the two years since Gov. Gianforte took office, January 2021-January 2023, Montana’s labor force grew by 4.69%, or 25,268 people. In contrast, the state’s labor force grew by 2.63% in the two-year period before the pandemic, March 2018-March 2020.

Between January 2021 and January 2023, total employment in Montana grew by 6.26%, or 32,760 workers. In comparison, the state’s total employment grew by 3.02% between March 2018 and March 2020.

Total employment in Montana rose by 1,444 jobs in January, to a new record high of 555,920 jobs. Montana added 1,500 payroll jobs in January, with the construction industry leading in job gains.

Montana’s labor force also continued its strong growth in January, rising by 767 workers to 570,316, another all-time high.

On Tuesday, BLS reported the Consumer Price Index for All Urban Consumers (CPI-U) in February rose 0.4% over-the-month. In the last 12 months, inflation has grown by 6.0%.

According to BLS, an agency of the U.S. Department of Labor, over the past 12 months,

• Grocery prices are up nationally 10.2%
  • Eggs, up 55.4%
  • Poultry, up 9.5%
  • Milk, up 8.1%
  • Coffee, up 11.4%
  • Fruits and vegetables, up 5.3%
  • Baby food and formula, up 9.8%
• Rent prices are up 8.2%
• Electricity prices are up 12.9%
• Fuel oil prices are up 9.2%
• Airfare prices are up 26.5%
• Motor vehicle insurance prices are up 14.5%
• Motor vehicle maintenance and repair prices are up 12.5%
• Tools, hardware, and outdoor equipment and supplies prices are up 11.8%

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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 February 2023, will be released on Friday, March 24. 

**** 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 3.0%.

****** 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 3.0%. Reservation areas overlap with county areas, meaning that unemployed individuals living on a reservation will be included in both the reservation and county totals.  

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