06/15/2008

News / May Unemployment Jumps Five-Tenths to 3.6 Percent

Idaho’s seasonally adjusted unemployment rate jumped five-tenths of a percentage point to 3.6 percent in May. This was a one-month record increase and the highest rate since November 2005.

The escalating cost of living, especially for food and energy, pushed more people into the labor force, looking for jobs to supplement household budgets at a time when employers are curbing expenditures to cope with the rapidly slowing economy.

Still the number of newly hired workers in May was up 2,500 from April and over 1,000 ahead of the long-term average for May. Total nonfarm jobs across the state in May fell below the year-earlier level for the first time since November 2001 as the national recession was formally ending.

May marked the fourth straight month that Idaho’s jobless rate increased. But despite the significant hike, it was still the 36th month in a row the rate has been under 4 percent, a level most economists consider full employment. In 2007, May’s unemployment rate was 2.7 percent.

Idaho’s unemployment increase matched the increase across the nation, where the jobless rate rose from 5 percent to 5.5 percent. But the two percentage point spread between the state and national rates was the 80th straight month that Idaho’s unemployment rate has been lower.

The number of Idaho workers with jobs in May fell for the second consecutive month and the third time this year. Another 2,100 were without work, cutting total employment to 728,000 — 5,400 fewer people than a year earlier.

At the same time, workers without jobs jumped 3,900 from April as 1,800 more people entered the labor force looking for work.

Significant year-over-year losses in construction and manufacturing across the board were partially offset by increasing opportunities in professional and business services, health care and tourism.

From April to May, small increases were projected in health care and accommodations. Although increased employment was expected in leisure and hospitality as Idaho’s summer tourism season began, concerns remained that skyrocketing gas prices would dampen tourism activity. Agriculture employment was up due to ground preparation, planting and irrigating in full swing.

Only four counties experienced a year-over-year decrease in unemployment – Cassia, Clark, Minidoka and Washington. Unemployment increased or remained unchanged in the remaining counties.

Canyon and Elmore counties reported the largest increase in the unemployment rate, 1 percentage point, from April. Benewah County’s unemployment rate dropped from 10.4 percent in April to 7.7 percent in May. The changes in the unemployment rates in these counties were due to fewer people working. Ada County reported the largest drop in the number of people working, 1,300, between April and May.

Two counties had unemployment rates above 7 percent — Benewah at 7.7 percent and Clearwater at 7.2 percent.

Unemployment rates below 2 percent were posted in only two counties — Teton at 1.9 percent and Clark at 1.3 percent.

Seasonally Adjusted Forecast Data




5/08

4/08

5/07






Civilian Labor Force

745,900

753,100

753,900
Unemployment

26,900

23,000

20,500
% Labor Force Unemployed

3.6

3.1

2.7
Total Employment

728,000

730,100

733,400









Unadjusted Forecast Data

5/08

4/08

5/07







Civilian Labor Force

752,800

748,100

751,300
Unemployment

22,600

25,200

15,700
% Labor Force Unemployed

3.0

3.4

2.1
Total Employment

730,200

722,900

753,600


Area Unemployment Rates

5/08

4/08

5/07







Boise City-Nampa MSA

3.9

3.1

2.8
Burley MicSA

3.1

2.7

3.4
Coeur d'Alene MSA*

3.7

3.3

2.7
Grangeville SLMA

4.4

4.5

3.7
Hailey SLMA

2.6

2.5

2.1
Idaho Falls MSA

2.4

2.0

1.9
Lewiston MSA

3.9

3.3

3.2
Pocatello MSA

3.7

3.1

3.0
Rexburg MicSA.

2.7

2.2

2.1
Twin Falls MicSA

2.7

2.3

2.4


*Coeur d’Alene MSA includes all of Kootenai County

State and county data can be obtained on the Idaho Department of Labor’s Web site in Excel format (http://labor.idaho.gov/portals/48/laborforce.xls and (http://labor.idaho.gov/portals/48/histrates.xls) or in PDF format (http://labor.idaho.gov/portals/48/laborforce.pdf and http://labor.idaho.gov/portals/48/histrates.pdf)

http://labor.idaho.gov/news/PressReleases/tabid/1953/ctl/PressRelease/mid/2527/itemid/1992/Default.aspx

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