State’s Unemployment Rate Falls To 2.3 Percent

Montana’s unemployment rate fell to a new record low in March to 2.3 percent, the fourth lowest rate in the nation. Montana’s labor force and total employment are at record highs. Inflation, however, has reached a 41-year high, undermining Montanans’ wage growth and threatening Montana job creation and economic growth.

“Because of Montanans’ hard work, we’re at our lowest unemployment rate ever, and more Montanans are working than ever before,” Governor Greg Gianforte said. “While Montana’s rapid economic growth has lowered our unemployment rate and driven wage growth, a well-skilled workforce has never been more important. We’ll keep working with Montana’s employers to bring new people into the workforce and make sure they get the training and skills they need to succeed, thrive, and prosper.”

The unemployment rate for the U.S. was at 3.6 percent for March.

Nearly 26,000 jobs have been created in Montana since Gianforte was elected in November 2020. Montana’s total employment is at its highest level ever recorded with 545,360 Montanans working. Montana’s total employment, which includes payroll, agricultural, and self-employed workers, continued to experience rapid growth, posting gains of 3,267 in March.

Montana’s labor force is also at its highest level ever recorded at 558,466. In March, roughly 2,105 new workers entered Montana’s labor force.

Also in March, 1,162 fewer Montanans were unemployed than in February, and since Gianforte was elected, the number of unemployed Montanans has fallen by more than 42 percent, from 21,764 to 13,106.

Last week, the U.S. Bureau of Labor Statistics (BLS) reported inflation has increased 8.5 percent in the last 12 months, marking the highest annual increase since 1981.

“At a 41-year high, inflation is robbing Montanans of their hard-earned money and erasing gains they’re getting with their take-home pay,” Gianforte said. “It’s far past time for the Biden administration to stop passing the buck and get inflation under control.”

According to BLS, an agency of the U.S. Department of Labor, over the past 12 months: Grocery prices are up 10.0 percent Meats, including beef, pork, and chicken, up 14.8 percent Eggs, up 11.2 percent Milk, up 13.3 percent Coffee, up 11.2 percent Fresh fruits, up 10.1 percent Baby food, up 10.8 percent Gas prices are up 48.0 percent Used car and truck prices are up 35.3 percent Energy service prices, including electricity and piped gas service, are up 13.5 percent Fuel oil prices are up 70.1 percent Clothing prices are up 6.8 percent Airfare prices are up 23.6 percent