Biz ‘Bite:’ Idaho unemployment rate remains unchanged

Idaho’s seasonally adjusted unemployment rate was 2.5% in June, Idaho Department of Labor announced on June 22, which is unchanged from May and remaining at a historic low. Nationally, unemployment was mostly unchanged with the unemployment rate remaining at 3.6% in June and the number of unemployed up 12,708 to 5.9 million. The national unemployment rate was 0.1 percentage points above its pre-pandemic rate of 3.5% in February 2020.

The numbers

The number of Idahoans employed or looking for work grew by 5,190 people (0.6%) to 948,576. Labor force participation increased by 0.1 percentage points between May and June to 62.5%. Idaho Department of Labor’s report credits June’s labor force growth as being caused by increases in both employed and unemployed persons. Total employment grew by 4,807 (0.5%) to 924,605 while total unemployment increased by 383 (1.6%) to 23,971. According to Help Wanted Online, there were 71,969 online job postings in Idaho during June, equating to three job openings for every unemployed Idahoan looking for work.

Idaho’s nonfarm jobs exceeded seasonal expectations in June, showing an adjusted increase of 4,200 jobs to 818,500. Industry sectors with the greatest over-the-month gains include state government (5.6%); transportation, warehousing and utilities (1.8%); construction (1.6%); nondurable goods manufacturing (1.6%); financial activities (1.5%); and leisure and hospitality (0.7%).

Three of Idaho’s six Metropolitan Statistical Areas  saw over-the-month nonfarm job growth in June. Lewiston experienced the greatest increase at 0.7%, followed by Pocatello (0.5%) and Boise (0.4%). Idaho Falls experienced the largest nonfarm job decrease of 0.4%, followed by Coeur d’Alene (0.3%) and Twin Falls (0.2%).

Year over year

Idaho’s unemployment rate was down 1.2 percentage points from June 2021. The labor force was up 3.4%, an increase of 31,047 people. Idaho’s total nonfarm jobs increased by 3% (23,900) over June 2021.