April jobless rate drops 1.6 points to 14.3 percent
Lincoln County’s unemployment rate continued its downward trend in April, dropping 1.6 percentage points from March figures.
Meanwhile, Montana’s unemployment rate fell slightly to 5.5 percent in April, down by 0.1 percentage points from March.
The national rate decreased by the same amount, but remains much higher than Montana’s unemployment at 7.5 percent.
“After a slow start in the first quarter, Montana’s employment growth is back on the right track this month,” said Labor Commissioner Pam Bucy. “Montana’s unemployment rate continues to fall, and is now within the range that economists consider normal unemployment.Further, Montana wage growth last year was strong, suggesting a higher standard of living for Montanans and stronger employment growth in future months.”
In Lincoln County, 6,504 people of a workforce totaling 7,592 were working, meaning 1,088 were jobless.
In Montana, total employment estimates suggest a small job gain of 660 jobs, which is slightly less than last year’s average monthly job gain, but a marked improvement of the employment losses in the first quarter. Payroll employment estimates were flat for the month with minor retail job losses offsetting gains in other industries.
Montana’s average wage increased by 3.6 percent during 2012, with payroll employment growth of 1.8 percent, according to preliminary data from the Quarterly Census of Employment and Wages (QCEW).
This employment and wage growth are the highest growth since 2007 and similar to the economic growth experienced in the early 2000s.
Montana’s average annual wage was $37,100 in 2012, up from $35,800 in 2011. Oil and gas extraction, healthcare, and accommodation and food services all experienced rapid employment growth in 2012, while construction employment stabilized.
Falling gasoline prices resulted in a 0.4 percent decrease in the Consumer Price Index for All Urban Consumers (CPI-U) in April, the second month of overall price deflation. Core inflation, measured by all items less food and energy index, rose by 0.1 percentage point for the second straight month.