Idaho’s August unemployment rate increases to 3%
BOISE, Idaho (KIFI) - Idaho’s seasonally adjusted unemployment rate increased in August, rising by two-tenths of a percent from 2.8% in July to 3%. This is the first time the state’s unemployment rate has been at or above 3% since November 2021.
August’s labor force increased by 1,874 people (0.2%) to 967,145.
Idaho’s labor force participation rate – the percentage of people 16 years of age or older who are employed or looking for work if unemployed – remained at 62.4% in August.
Total employment was effectively unchanged with an increase of 121 to 938,190 while unemployment increased by 1,753 (6.4%) to 28,955.
Idaho’s nonfarm jobs increased by 1,900 (0.2%) to 854,600 in August. Industry sectors with the greatest over-the-month gains include private educational services (3%), construction (0.9%), federal government (0.7%), local government (0.7%), other services (0.7%), and professional and business services (0.6%).
Industries with the largest job declines in August were durable goods manufacturing (-1.2%); financial activities (-1%); transportation, warehousing and utilities (-0.9%); and state government (-0.6%).
Two of Idaho’s six Metropolitan Statistical Areas (MSAs) experienced over-the-month nonfarm job increases in August. Boise and Coeur d’Alene both had an increase of 0.1%, while Twin Falls and Idaho Falls saw decreases of 0.2% and 0.1%, respectively. Lewiston and Pocatello had no measurable change.
Year over Year
Idaho’s August unemployment rate of 3% was two-tenths of a percent higher than a year ago. The labor force was up 1.4%, an increase of 13,092 people.
The number of unemployed Idahoans increased 9.4% (2,492) over the same period, while the number of employed rose 1.1% (10,600).
Idaho’s total nonfarm jobs increased by 2.7% (22,400). Most major industry sectors showed over-the-year job gains except manufacturing (-3.9%); real estate and rental and leasing (-3.5%); transportation, warehousing and utilities (-0.9%); and retail trade (-0.4%).
All but one of Idaho’s MSAs saw year-over-year nonfarm job gains. Idaho Falls saw the greatest increase at 4.2%, followed by Pocatello (3.3%), Coeur d’Alene (3%), Boise (2.7%), and Twin Falls (2.6%). Lewiston had no measurable over-the-year change in August.
National Comparisons
Nationally, the unemployment rate increased from 3.5% in July to 3.8% in August. The number of unemployed increased by 514,000 to 6.4 million. Total nonfarm payroll employment rose by 187,000 (0.1%) to 156.4 million.
