Montana's Unemployment Rate Drops To 3.9% In February

Press Release

HELENA, Mont. -- Montana's unemployment rate dropped in February to 3.9%, after falling to 4.0% in January. The unemployment rate for the U.S. was 6.2% in February.

"Montana's unemployment rate continues its downward trend, but too many of our businesses are struggling to find workers," Governor Greg Gianforte said. "Getting Montanans back to work in good-paying jobs and improving access to trades education and apprenticeships are top priorities as we get Montana open for business."

Governor Gianforte has worked with the legislature to address the growing skilled labor shortage in Montana by creating the Montana Trades Education Credit (M-TEC). A central element of the governor's Roadmap to the Montana Comeback budget, the bill, H.B. 252, provides $1 million per year in 50-percent credits to businesses for their employees to learn a trade. The funding level will support as many as 1,000 scholarships annually. Under the program, employers and employees can decide on training that is best for the business and the employee.

"Expanding trades education in Montana and empowering our workforce are critical. I look forward to this bill getting across the finish line and to my desk," Governor Gianforte said.

Total employment in February fell by 965, and the labor force shrank by 1,521 workers. Total employment includes payroll, agricultural, and self-employed workers.

After updating January's preliminary estimates, payroll employment was unchanged in February, remaining at 477,700 jobs. The manufacturing and accommodation and food services industries each added 500 jobs, which were offset by job losses in construction and financial activities.

The Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.4% in February, driven by increases in gasoline prices and a rising energy index. Over the last 12 months the CPI-U has increased 1.7%. The index for all items less food and energy, referred to as core inflation, increased 0.1% in February.

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** Unemployment figures are seasonally-adjusted. Seasonally-adjusted numbers remove the effects of events that follow a more or less regular month-to-month pattern each year. These adjustments make non-seasonal patterns easier to identify. The margin of error for the unemployment rate is plus or minus 0.6 percentage points at the 90 percent confidence level. All questions relating to the calculation of unemployment rates should be directed to the Montana Department of Labor & Industry's Research and Analysis Bureau at 406-444-4100.

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