State’s Unemployment Rate Drops To 3.1 Percent

Montana Gov. Greg Gianforte has announced the number of employed Montanans hit an all-time high in October as Montana’s unemployment rate fell to 3.1 percent, 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,” 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.”

Roosevelt County ranks 48th in the state with an unemployment rate of 2.3 percent. The county has 111 people employed that a year ago.

McCone County ranks first for unemployment at 1.2 percent followed by Fallon at 1.4 and Powell at 1.4. Daniels, Judith Basin, Petroleum, Sweet Grass and Gallatin all report 1.5 unemployment rates.

Eastern Montana counties include Garfield, Phillips, Sheridan and Valley at 1.7 for 14th place.

The unemployment rate for Dawson County is 1.8 percent for 23rd place. Richland County has an unemployment rate of 2.1 percent for 39th place.

The five counties with the highest unemployment are Big Horn at 4.3, Glacier at 4.1, Mineral at 3.2, Lincoln at 3.1 and Wheatland at 2.8.

Montana’s unemployment rate has dropped from 4.5 percent to 3.1 percent since November 2020, a low not seen since April 2007.

The state’s unemployment rate of 3.1 percent in October is down from 3.3 percent in September and down from 11.9 percent in April 2020. The lowest unemployment rate ever recorded in Montana was 2.8 percent in February of 2007.

Montana’s unemployment rate of 3.1 percent is below the national rate of 4.6 percent.

The number of employed Montanans hit a new record high of 525,220 in October. Montana’s total employ- ment, 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 increased by 0.9 percent in October with broad-based increases in most goods. Gasoline prices increased 6.1 percent. 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 percent in September.