Idaho Unemployment Lower than National Average For Sixth Year In a Row
BOISE, Id (KMVT) According to the Idaho Department of Labor, Idaho’s seasonally adjusted unemployment rate declined slightly in November to 3.9 percent. The state’s unemployment rate has been below the national average for more than six years.
Nationally, the November unemployment rate was unchanged from October at 5 percent.
Over the month, Idaho had the second fastest growth rate in the nation with a 0.7 percent seasonally adjusted increase between October and November due to strong payrolls in manufacturing, administrative and support services, and leisure and hospitality.
Over the year, Idaho’s nonfarm job growth ranked first in the nation for the second month in a row with an increase of 4.2 percent, the largest year-over-year gain since 2005. Seasonally adjusted, the 4.2 percent growth rate translates into a record-breaking increase of 27,600 jobs between November 2014 and November 2015 with the greatest gains in construction, nondurable manufacturing and real estate. Mining and logging, information, and arts and entertainment were the only sectors showing declines.
With November’s total employment at 771,826 and only 31,708 unemployed people looking for work, data from The Conference Board indicates a continued tight labor market with slightly more than one unemployed individual per job listing.
The number of Idahoans collecting unemployment insurance benefits dropped by 28 percent from a weekly average of 7,500 in November 2014 to 5,400 for November of this year. Total payout for unemployment insurance benefit payments was down 25 percent - from $2.1 million in November 2014 to $1.5 million for November 2015.
Approximately 61 percent of people who received unemployment insurance benefits were men and 39 percent were women. Most of the claimants were between the ages of 25 and 54. Prior to becoming unemployed, nearly 41 percent were working in construction, manufacturing, administrative support and waste management or retail trade.
For more information on Idaho’s unemployment picture visit lmi.Idaho.gov.