Governor Greg Gianforte announced that Montana’s unemployment rate increased by 0.1% to 3.2% in August, still holding steady below the national average of 4.2%, according to the latest data from the U.S. Bureau of Labor Statistics (BLS) and the Montana Department of Labor and Industry.
Montana’s unemployment rate has now been at or below 3.4% for 38 consecutive months, a record streak not seen since 2006-2007, when the rate remained at or below that threshold for 15 months.
Under Gov. Gianforte’s leadership, the state’s labor force reached an all-time high of 580,000 in 2023, with over 10,000 new entrants in the past year. In August alone, total employment increased by 532 jobs, and 1,046 additional Montanans joined the labor force, while payroll employment grew by 1,700 jobs, primarily driven by gains in the construction and public sectors.
Montana has also been recognized for its economic growth, ranking second in the nation for wage growth and eighth for job growth.
Inflation trends continue to moderate, with the Consumer Price Index for All Urban Consumers (CPI-U) rising 0.2% in August, consistent with the increase seen in July, marking a 12-month change of 2.5%. Rising shelter costs were the main driver of inflation, increasing by 0.5%, while gasoline prices have declined.
Notably, studies indicate that Montana is one of only two states where wages have outpaced inflation since 2020, highlighting the state’s ongoing economic resilience.
By: DNU staff