HomeState NewsUnemployment rate in Montana drops to 3.3% as job growth soars

Unemployment rate in Montana drops to 3.3% as job growth soars

Helena, Montana – Governor Greg Gianforte announced on Friday, April 19, that Montana’s unemployment rate was 3.3% in March as employment levels increased.

“Montana’s economy is thriving thanks to our pro-jobs, pro-business policies,” Gov. Gianforte said. “While we continue to battle inflation, many businesses are hiring and providing good paying jobs. Our administration will continue to develop workforce opportunities so every Montanan has a chance to fulfill the American dream.”

Since Governor Gianforte assumed his role in January 2021, Montana has seen the creation of nearly 41,000 new jobs. Under his governance, Montana achieved its highest employment levels ever by December. The state’s unemployment rate stands at 3.3%, which is lower than the national average of 3.8%. In March, the number of employed people in Montana increased by 480, even though the labor force decreased by about 150. Additionally, payroll employment rose by 1,700 jobs, with significant increases noted in the healthcare and construction sectors.

Read also: Helena voters to decide on school safety levies amid rising concerns

In the same month, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.4%. The rise was mainly due to higher costs in housing and gasoline, which together accounted for more than half of this increase. Over the past 12 months, the overall price index has gone up by 3.5%. Excluding food and energy, the core inflation rate also increased by 0.4% in March.

The U.S. Joint Economic Committee has reported that since President Joe Biden took office, the inflation tax has pushed up the costs for households in Montana by 21.6%, making it more difficult for residents to manage their finances. Montanans are now spending approximately $1,110 more each month on essential items compared to before President Biden’s tenure.

According to the U.S. Bureau of Labor Statistics, over the past year, Montanans have faced a 6% increase in housing costs, a 22% rise in car insurance premiums, a 12% hike in car repair expenses, and a 10% growth in the cost of baby food due to inflation under President Biden’s administration.

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