HELENA, Mont. (NMB) – The office of Governor Greg Gianforte has announced that Montana’s unemployment rate for December was 2.5 percent, the lowest level since at least 1976.
A press release number of unemployed Montanans also dropped to a record low of 13,689, falling by 1,719 from November.
Montana’s total employment hit a record high in December at 531,040. Total employment, which includes payroll, agricultural, and self-employed workers, grew by 3,137 in December, the largest single month gain in 2021. Payroll employment also increased by 3,200 with strong job growth in retail.
Montana’s labor force increased to 544,729 in December, the third highest level in the state’s history. The number of available workers in Montana’s labor force, a critical metric during the current labor shortage, increased by 1,418.
The unemployment rate for the U.S. dropped to 3.9%.
The rate of inflation, with the Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.5% in December. Over the last 12 months, inflation has surged 7.0%, a 40-year high. Energy prices are up 29.3%, with fuel oil up 41% and gasoline up 49.6%. Grocery prices are up 6.5%, including baby food up 7.9%. Prices for new cars and trucks are up 11.8%, used cars and trucks up 37.3%, and motor vehicle parts and equipment up 11.3%. The index for all items less food and energy, referred to as core inflation and an important metric for future inflation expectations, increased 0.6% in December.
Courtesy of the Governor’s Office
