Montana’s unemployment rate remained at 2.8% in July, marking the tenth consecutive month below 3% and extending a four-year stretch at or below 3.4%, according to state labor data released this week.
The state continues to rank among the five lowest in the nation for unemployment, 1.4 percentage points below the national rate of 4.2%. Total employment, which includes payroll, agricultural, and self-employed workers, increased slightly over the month. The construction and retail trade sectors led job gains, each adding more than 500 positions, while government employment declined.
July was also the fifth consecutive month in which the number of unemployed Montanans stayed below 16,000. The state’s record low was just under 14,000 in 2023.
Gov. Greg Gianforte credited business investment and workforce development initiatives for the state’s sustained job growth. “For another consecutive month, Montana ranks in the top five states in the nation with the lowest unemployment rates – a testament to our historic job growth over the last four years,” Gianforte said. “We’ll continue to welcome historic business investment to the Treasure State and innovate through workforce development initiatives like 406 JOBS for Montanans to seek meaningful employment.”
Nationally, the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2% in July, driven primarily by shelter costs. Over the past 12 months, the all-items index increased 2.7%, while core inflation, excluding food and energy, rose 3.1%..