Governor Greg Gianforte announced that Montana’s unemployment rate has remained at a low 2.7% for the month of March, marking the sixth consecutive month the state has kept its unemployment rate below 3%. This continues a streak of 45 months with Montana’s unemployment rate at or below 3.4%.
“For six months, Montana’s unemployment rate has remained below 3%, with nearly two job openings for every unemployed worker,” Governor Gianforte stated. “Through our efforts to lower taxes and reduce red tape, we’ve fostered an environment where entrepreneurs and businesses can thrive and create good-paying jobs for Montanans across the state.”
Montana’s unemployment rate is significantly lower than the national average, which stood at 4.2% in March.
Although total employment, which includes payroll, agricultural, and self-employed workers, showed a slight decrease in March, payroll jobs increased by 1,500. The construction sector saw the most significant growth, adding 1,200 jobs, which helped offset the losses from the previous month. Other industries posting notable job gains included retail trade and arts, entertainment, and recreation.
Meanwhile, the Consumer Price Index (CPI-U), which tracks the price of goods and services, increased by 0.1% on a seasonally adjusted basis in March. Over the past year, the all-items index rose by 2.4%, with core inflation (excluding food and energy) climbing by 2.8%. Core inflation increased by 0.1% in March.
Governor Gianforte emphasized that Montana’s continued low unemployment rate reflects the state’s strong economic fundamentals and job market resilience. He remains optimistic that the state’s ongoing efforts to promote business growth and reduce economic barriers will continue to yield positive results for Montana workers and employers.
By: DNU staff