Econ Tracker

Montana unemployment rate drops

Posted: Oct 19, 2012 12:58 PM by MTN News

Montana's unemployment rate continues a downward trend.

The unemployment rate decreased by 0.2 points to 6.1% in September.

"Montana's unemployment rate continued its downward trend this month with strong job gains of 1,100 jobs," said Labor Commissioner Keith Kelly. "Over the last year, the number of unemployed people has dropped by 11% with many more Montanans back at work."

Both Montana and the U.S. unemployment rates made movement downward in September, echoing the declines at this time last year.

Montana's employment growth rate over the last year remains at 1.7%, above its long-term average of 1.2% since the series started in 1976.

According to the state labor department Montana's total employment increased by 1,130 jobs on a seasonally adjusted basis. Total employment includes both payroll workers, plus agricultural and self-employed workers.

Payroll employment estimates indicated an increase of 600 jobs, with a gain of 1,200 jobs in the private sector and a decline of 600 government jobs. Job gains were greatest in the Professional and Business Services industry and in Construction. Preliminary estimates indicate that Construction has been adding jobs since the 4th quarter of 2011.

The Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.6% in September, marking the second straight month where spiking gasoline prices have caused notable price increases in the CPI-U. Gasoline prices rose 7% in September following a 9% rise last month. The food index increased marginally by 0.1%. The increase in the all items less food and energy index, referred to as core inflation, remained relatively steady at 0.1% for the third straight month.