Idaho unemployment rate on the rise

The unemployment rate in Idaho increased by a few percentage points in August to 3%, the first time it has been at that rate since November of 2021.

Idaho’s Department of Labor released the latest preliminary employment data for August on Friday, showing an increase in the seasonally adjusted unemployment rate from 2.8% in July to 3% last month.

The labor force, or people 16 years of age or older who are employed or actively looking for a job, increased 0.2%, or 1,874, to a total of 967,145 people.

According to the department, “Idaho’s labor force participation rate … remained at 62.4%. Total employment was effectively unchanged with an increase of 121 to 938,190, while unemployment increased by 1,753 (6.4%) to 28,955.”

Nonfarm jobs increased by 1,900, or 0.2%, to 854,600 last month. The industries with the greatest one-month gains were private educational services (3%), construction (0.9%), federal and local government (both at 0.7%), other services (also 0.7%) and professional and business services (0.6%).

The largest employment declines came from durable goods manufacturing (-1.2%), financial activities (-1%), transportation, warehousing and utilities (-0.9%) and state government (-0.6%).

Boise and Coeur d’Alene had upticks in nonfarm jobs at 0.1% each, while Twin Falls and Idaho Falls both saw downturns of 0.2% and 0.1% respectively.

The unemployment rate for this time last year statewide was 2.8%. Most industries showed employment gains year-over-year except for manufacturing (-3.9%), real estate and rental and leasing (-3.5%), transportation, warehousing and utilities (-0.9%) and retail trade (-0.4%).

Though Idaho increased to 3% unemployment last month, the nationwide unemployment rate increased from 3.5% in July to 3.8%. Some 514,000 more people joined the ranks of the unemployed, bringing the countrywide total to 6.4 million.