Idaho’s October unemployment rate up slightly to 2.9%
IDAHO FALLS, Idaho (KIFI) - Idaho’s seasonally adjusted unemployment rate edged up from 2.8% in September to 2.9% in October – the ninth consecutive month the state rate has been below 3%.
October’s labor force saw gains in both employed and unemployed workers. The number of Idahoans employed or looking for work grew by 1,714 people (0.2%) to 961,441. Total employment increased by only 455 to 933,268. The total number of unemployed increased by 1,259 (4.7%) to 28,173.
Labor force participation decreased by 0.1 percentage points to 62.6%.
Idaho’s nonfarm jobs increased by 1,200 to 827,900 in October. Industry sectors with the greatest over-the-month gains include accommodation and food services (4.8%); natural resources (2.3%); management of companies & enterprises (1.2%); real estate rental and leasing (1.0%); administration, support and waste management services (0.6%); and arts, entertainment and recreation (0.6%).
Industries with the greatest job declines in October were private educational services
(-4.1%); information (-2.2%); state government (-1.2%); durable goods manufacturing
(-0.9%); other services (-0.8%); construction (-0.6%); transportation, warehousing and utilities (-0.6%); wholesale trade (-0.6%); and local government (-0.5%).
Four of Idaho’s six Metropolitan Statistical Areas (MSAs) saw over-the-month nonfarm job increases in October. Idaho Falls saw the largest increase with 0.4%, followed by Coeur d’Alene (0.3%), Boise (0.2%), and Twin Falls (0.2%). Lewiston and Pocatello saw over-the-month job losses of 0.7% and 0.3%, respectively.
Year over Year
Idaho’s unemployment rate was down 0.3 percentage points from October 2021. The labor force was up 4.3%, an increase of 39,666 people.
The number of unemployed Idahoans dropped 5.3% (-1,575), while the number of employed rose 4.6% (41,241).
Idaho’s total nonfarm jobs increased by 3.1% (24,700). Every major industry sector showed over-the-year job gains except for other services (-6.0%); administration, support, and waste management services (-2.2%); and financial activities (-1.3%).
All of Idaho’s MSAs saw year-over-year nonfarm job gains. Twin Falls saw the greatest increase at 4.3%, followed by Boise (2.9%), Idaho Falls (2.9%), Coeur d’Alene (2.1%), Pocatello (1.8%) and Lewiston (1.7%).
National Comparisons
Nationally, the unemployment rate increased to 3.7% in October from the September rate of 3.5%, and the number of unemployed increased by 328,564 to 6.1 million. Total nonfarm payroll employment rose by 261,000 (0.2%) to 153.3 million, which is above pre-pandemic levels.
