Idaho’s October unemployment rate increases to 3.7%

NEWS RELEASE

For Immediate Release: Nov. 15, 2024
Media Contact: [email protected] or [email protected]

Idaho's seasonally adjusted unemployment rate was 3.7% in October, up from 3.6% in September.

The state's labor force increased by 3,738 people (0.4%) to 993,428 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 63.2% to 63.3% between September and October.

Total employment increased by 3,037 (0.3%) to 956,960 as unemployment increased by 701 (2%) to 36,468.

Idaho's nonfarm jobs increased by 3,800 (0.4%) to 881,500. Industry sectors with the greatest over-the-month increases included private educational services (3.8%); nondurable goods manufacturing (2.4%); other services (1.9%); healthcare and social services (1.4%); state government (1.1%); finance and insurance (1%); transportation, warehousing, and utilities (0.9%); real estate and rental and leasing (0.8%); construction (0.6%); and local government (0.5%).

Industries that experienced job losses in October included arts, entertainment, and recreation (-1.7%); information (-1.1%); professional and business services (-1.1%); and wholesale trade (-0.5%).

Five of Idaho's six Metropolitan Statistical Areas (MSAs) had over-the-month nonfarm job increases in October. Lewiston experienced the largest increase at 1%, followed by Pocatello (0.5%), Twin Falls (0.4%), Boise (0.2%) and Idaho Falls (0.2%). Coeur d'Alene saw a decrease of 0.1%.

Year over Year

Idaho's 3.7% unemployment rate for October 2024 was up from 3.3% the prior year. The labor force was up 2.7%, an increase of 25,711 people.

The number of unemployed Idahoans increased 12.9% (4,155) while the total number of employed increased 2.3% (21,556).

Total nonfarm jobs increased by 3.1% (26,300). Most major industry sectors gained jobs except information (-5.4%), natural resources (-4.7%), accommodation and food services (-1.9%), other services (-0.7%), and retail trade (-0.5%).

All of Idaho's MSAs saw year-over-year nonfarm job gains in October. Boise had the greatest increase at 3.7%, followed by Pocatello (3.3%), Idaho Falls (2.7%), Lewiston (2.3%), Twin Falls (2%) and Coeur d'Alene (0.3%).

National Comparisons

Nationally, the unemployment rate was unchanged between September and October, remaining at 4.1%. The number of unemployed increased by 150,000 to 7 million. Total nonfarm payroll employment rose by 12,000 to 159 million.

-end-

Upcoming Idaho Release Schedule:
Dec. 20, 2024: Statewide labor force and nonfarm jobs data for November 2024
Jan. 24, 2025: Statewide labor force and nonfarm jobs data for December 2024

Find more labor market information at lmi.idaho.gov

This project is funded by the U.S. Department of Labor for SFY25 as part of the Workforce Information Grant (40%) and state/nonfederal funds (60%) totaling $885,703.

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