Idaho’s July unemployment rate increases to 3.5%

NEWS RELEASE

For Immediate Release: Aug. 16, 2024
Media Contact: [email protected] or
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Idaho's seasonally adjusted unemployment rate was 3.5% in July, an increase from June's rate of 3.4%.

The state's labor force increased by 3,922 people (0.4%) to 981,851 while the labor force participation rate - the percentage of people 16 years of age or older who are either employed or looking for work - increased from 62.8% to 62.9% between June and July.

Total employment increased by 3,001 (0.3%) to 947,774 as unemployment increased by 921 (2.8%) to 34,077.

Idaho's nonfarm jobs decreased by 1,100 (-0.1%) to 870,500. Industry sectors with the greatest over-the-month decreases included private educational services (-2.7%); real estate and rental and leasing (-1.7%); wholesale trade (-1.4%); arts, entertainment, and recreation (-1.1%); transportation, warehousing, and utilities (-0.9%); construction (-0.7%); accommodation and food services (-0.6%); and local government (-0.6%).

Industries that experienced job gains in July included other services (2.3%), state government (1.2%), health care and social services (1%), and durable goods manufacturing (0.5%).

Five of Idaho's six Metropolitan Statistical Areas (MSAs) had over-the-month nonfarm job increases in July. Twin Falls had the largest increase at 1%, followed by Idaho Falls (0.8%), Coeur d'Alene (0.3%), Pocatello (0.2%) and Boise (0.1%). Lewiston was unchanged in July. Although most MSAs saw nonfarm job increases, the net job losses seen statewide can be attributed to losses in non-metro areas.

Year over Year

Idaho's 3.5% unemployment rate for July 2024 was up from 3.1% the prior year. The labor force was up 1.9%, an increase of 18,289 people.

The number of unemployed Idahoans increased 12.8% (3,878) while the total number of employed increased 1.5% (14,411).

Total nonfarm jobs increased by 2.8% (23,300). Most major industry sectors gained jobs except information (-5.3%), financial activities (-1.4%), retail trade (-1.2%), accommodation and food services (-0.8%), and other services (-0.7%).

All of Idaho's MSAs saw year-over-year nonfarm job gains in July. Pocatello had the greatest increase at 3.8%, followed by Boise (3.2%), Idaho Falls (2.9%), Twin Falls (2.6%), Lewiston (2%) and Coeur d'Alene (1.1%).

National Comparisons

Nationally, the unemployment rate increased between June and July, up to 4.3% from
4.1%. The number of unemployed increased by 352,000 to 7.2 million. Total nonfarm payroll employment rose by 114,000 (0.1%) to 158.7 million.

-end-

Upcoming Idaho Release Schedule:
Sept. 20, 2024: Statewide labor force and nonfarm jobs data for August 2024
Oct. 18, 2024: Statewide labor force and nonfarm jobs data for September 2024

Find more labor market information at lmi.idaho.gov

This project is funded by the U.S. Department of Labor as part of the Workforce Information Grant (48%) and matched/dedicated funds (52%) totaling $704,259.

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