Idaho's March unemployment rate remains low;
job growth continues at fastest in the nation |
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April 20, 2018 |
Idaho’s seasonally adjusted unemployment rate
dipped to 2.9 percent in March, ending a
six-month run of 3 percent and remaining at low
levels last seen in 2007 and 2008.
The state’s labor force – the total number of
people 16 years of age and older working or
looking for work – increased by 1,646 from
February to March for an all-time record high of
848,097.
Total employment increased by 1,963 to 823,423,
while the number of unemployed dropped by 317 to
24,674.
Idaho’s labor force participation rate held
steady at 64 percent for the third consecutive
month.
Over the year, statewide labor force for March
was up 22,745 (2.8 percent), total employment
was up by 25,582 (3.2 percent) and there were
2,837 (10.3 percent) fewer unemployed persons.
According to the Conference Board, a Washington,
D.C., think tank, there were 22,100 online Idaho
job openings in March compared with 23,136 a
year ago. Of these postings, 4,608 were
classified as hard-to-fill, down from 5,008 in
March 2017. Hard-to-fill positions are those
continuously posted for 90 days or more. Health
care occupations, including physicians,
surgeons, psychiatrists, occupational and
physical therapists and support positions,
represent about 23 percent of all hard-to-fill
online job openings.
Total nonfarm jobs increased by 1,400 jobs in
March. Seven industry sectors – natural
resources; construction; manufacturing; trade,
transportation and utilities; professional and
business services; leisure and hospitality; and
other services – all exceeded seasonal
expectations. Three sectors – information;
professional and business services; and
education and health services – decreased by a
total of 500 jobs from February, while
government employment remained unchanged.
Year-over-year, the state continued to see
strong job growth. Total nonfarm jobs grew by
3.3 percent for a total of 23,300 jobs – the
fastest growth rate in the nation for the second
consecutive month. Construction jobs led the way
with the largest percentage growth of Idaho’s
industry sectors at 8.6 percent for an
additional 3,800 jobs. Financial activities,
other services, manufacturing, and leisure and
hospitality rounded out the remaining top five
growth industries with over-the-year job gains
of more than 4 percent.
Monthly job gains were also reported for five of
Idaho’s Metropolitan Statistical Areas (MSAs) –
Boise (+900), Pocatello (+400) and Idaho Falls
(+100). Coeur d’Alene and Lewiston experienced a
combined loss of 400 jobs.
Over the year, Idaho’s five MSAs all experienced
gains in nonfarm payroll employment. Boise added
12,400 jobs, Idaho Falls added 2,200 jobs, Coeur
d’Alene and Pocatello each added 1,400 jobs and
Lewiston added 600 jobs.
Annually, unemployment insurance benefit
payments were down nearly 23 percent - from a
weekly average of $2.6 million a year ago to $2
million for March 2018. The number of claimants
dropped by almost 24 percent to 6,300 from a
weekly average of 8,300.
Twenty-three of Idaho’s 44 counties had
unemployment rates above the state rate in
March. Six counties experienced rates at or
above 5 percent: Clearwater at 7 percent,
Shoshone at 5.7 percent, Lewis and Adams at 5.3
percent, Benewah at 5.1 percent and Boundary at
5 percent. Madison County’s unemployment rate
remained the lowest at 1.8 percent.
Nationally, March’s unemployment rate was
unchanged at 4.1 percent for the sixth
consecutive month. Total nonfarm payroll
employment increased by 103,000. Labor force
participation decreased slightly to 62.9
percent.
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