Montana unemployment dips but inflation increases

(Missoula Current) While inflation continues to increase nationally, Montana's rate of unemployment ticked down and remains well below the national rate, the state said this week.

Figures released for April placed the state's unemployment rate at 3.5%, lower than the 4.3% nationally. The rate in Missoula County hit 2.8% while Ravalli County reported a rate of 3.2%.

“As businesses grow and expand in Montana, we want to ensure our workforce is able to meet their employment needs,” Gov. Gianforte said in a statement released with the latest figures. “Through 406 JOBS, we’re reducing barriers to employment to continue our progress on increasing labor participation.”

According to the Department of Labor and Industry, Montana's labor force, total employment and unemployment all declined over the month. The decline in unemployment was larger than the decline in employment.

As a result, the unemployment rate ticked down slightly. The number of unemployed fell by 690 in April and total employment declined by 579 jobs. Payroll jobs rose by 800 in April, with the largest gains in construction and healthcare.

“These trends signal ongoing opportunities for Montana workers and job seekers across key industries, like construction and healthcare,” said Sarah Swanson, Commissioner of the Montana Department of Labor and Industry. “Montana's workforce development initiatives continue to support growth in these essential sectors."

However, the Consumer Price Index for All Urban Consumers increased 0.6% on a seasonally adjusted basis in April. Over the last twelve months, the all items index increased 3.8% before seasonal adjustment.

The index for energy rose 3.8% in April, accounting for over 40% of the monthly all items increase. Core inflation, or the index for all items less food and energy, rose 2.8% over the last twelve months.