Montana’s unemployment rate ticked down to 3.4% in May, Gov. Greg Gianforte announced, remaining below the national unemployment rate, which held steady at 4.3% over the month.
“Since taking office, we’ve been focused on unleashing Montana’s economy to support business owners who create good-paying jobs, strengthen our workforce, and reduce barriers to employment,” Gianforte said. “As we implement our 406 JOBS initiative, we continue our historic stretch of low unemployment while ensuring Montanans who are able to work have a pathway to a meaningful career.”
Montana’s labor force, total employment — which includes payroll, agricultural and self-employed workers — and unemployment all declined over the month, but the drop in unemployment was larger than the decline in employment, pushing the rate down slightly. The number of unemployed Montanans fell by 700 in May, while total employment declined by 200 jobs. Payroll jobs fell by 2,600 over the month, with the largest declines in construction and accommodation and food service.
The Consumer Price Index for All Urban Consumers rose 0.5% on a seasonally adjusted basis in May. Over the previous 12 months, the index rose 4.2% before seasonal adjustment, with energy prices up 3.9% — accounting for more than 60% of the monthly increase. Core inflation, which excludes food and energy, rose 2.9% over the past year.
“While today’s numbers are encouraging, we know many Montanans are still working to find their footing in the job market,” said Sarah Swanson, commissioner of the Department of Labor and Industry. “That’s why the Department of Labor and Industry, along with Governor Gianforte, is continuing to expand workforce development resources from job training to registered apprenticeships so that economic progress reaches workers in every part of the state.”
The next Labor Market Information report, covering June data, is scheduled for release July 21.