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Idaho’s January unemployment rate remains at 3.3%

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BOISE, Idaho (KIFI) - Idaho’s seasonally adjusted unemployment rate was unchanged between December and January, remaining at 3.3%.

December 2023’s unemployment rate also remained the same at 3.3% after the Bureau of Labor Statistics’ annual benchmarking process.

January’s labor force increased by 546 people (0.1%) to 967,862.

Idaho’s labor force participation rate – the percentage of people 16 years of age or older who are either employed or looking for work – decreased from December’s 62.7% to 62.6% in January.

Total employment negligibly increased by 362 (0.0%) to 935,588 as unemployment increased by 184 (0.6%) to 32,274.

Idaho’s nonfarm jobs also negligibly increased by 300 (0.0%) to 855,800 in January. Industry sectors with the greatest over-the-month gains included natural resources (2.3%); health care and social services (1.7%); arts, entertainment, and recreation (1.3%); nondurable goods manufacturing (0.9%); federal government (0.7%); construction (0.6%); private educational services (0.6%); state government (0.6%); and professional and business services (0.5%).

Industries that experienced job declines in January included transportation, warehousing, and utilities (-5.3%); wholesale trade (-1.7%); other services (-1.5%); and financial services

Three of Idaho’s six Metropolitan Statistical Areas (MSAs) had over-the-month nonfarm job increases in January. Lewiston saw the largest increase of 1%, followed by Idaho Falls (0.2%) and Boise (0.1%). Pocatello and Coeur d’Alene saw decreases of 0.5% and 0.1%, respectively. Twin Falls nonfarm job counts were unchanged in January 2024.

Year over Year

Idaho’s 3.3% unemployment rate for January 2024 was up from 2.9% the prior year. The labor force was up 1.8%, an increase of 16,700 people.

The number of unemployed Idahoans increased 17.7% (4,846) while total employed was 1.3% (11,854) higher over the same period.

Total nonfarm jobs increased by 2% (16,500). Most major industry sectors gained jobs except other services (-3.3%), durable goods manufacturing (-1.8%), finance and insurance (-1%), retail trade (-0.7%), and wholesale trade (-0.6%).

All but one of Idaho’s MSAs saw year-over-year nonfarm job gains in January. Coeur d’Alene had the greatest increase at 4.5%, followed by Lewiston (3%), Idaho Falls (2.5%), Boise (1.6%) and Twin Falls (0.6%). Pocatello experienced a decrease in jobs of 0.3%.

National Comparisons

Nationally, the unemployment rate was also unchanged between December and January, staying at 3.7%. The number of unemployed decreased by 144,000 (-2.3%) to 6.1 million. Total nonfarm payroll employment rose by 353,000 (0.2%) to 157.7 million.

Article Topic Follows: Economy

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