Big Sky Times

Governor Greg Gianforte announced Montana's unemployment rate has remained below 3% for 21 consecutive months, reflecting the state's strong employment growth and successful pro-jobs policies as of August 21, 2023

According to a press release, “Montana continues breaking records for job creation and employment because of Montanans’ hard work and our pro-jobs, pro-growth policies,” Gov. Gianforte said. “Skilled workers with our strong Montana work ethic are in high demand. We’ll continue to prioritize trades education and expand apprenticeship opportunities to empower Montana workers and ensure Montana employers have a highly skilled workforce.”

In a press release on August 21, 2023, Governor Greg Gianforte announced that Montana's unemployment rate has remained below 3% for an impressive 21 consecutive months. This record marks a significant milestone, reflecting robust employment growth and successful economic policies.

The press release also detailed the historical context of this achievement. The only other time Montana's unemployment rate was below 3% was for three months in 2007, as noted by the U.S. Bureau of Labor Statistics. Since Gov. Gianforte took office in January 2021, the press release states that nearly 40,000 jobs have been created in Montana. Additionally, the state’s unemployment rate has dropped from 4% to 2.5%, and the number of unemployed Montanans has fallen by more than 34%.

The total employment in Montana has consistently grown every month of 2023, reaching a record high in July of 562,898 workers, according to the press release. Furthermore, Montana’s labor force grew by more than 600 workers in July, with a total addition of 7,500 workers since the start of the year.

However, the press release also noted that labor force growth slightly outpaced growth in total employment, leading to a slight increase in the state's unemployment rate to 2.5% in July.

In terms of inflation, the press release referenced the Consumer Price Index from July, which rose 0.2% over the month. The 12-month change in the all-items index was 3.2%, with core inflation, excluding food and energy, standing at 4.7% for the year ending in July.