[Vision2020] Idaho: May Unemployment Jumps Five-Tenths to 3.6 Percent

Fri Jun 6 15:06:48 PDT 2008

  NEWS RELEASE

  For Immediate Release: June 6, 2008                                                                                                                     

  Information Contact: Georgia Smith (208) 841-5509; Jean Cullen (208) 332-3570, ext. 3224

  May Unemployment Jumps Five-Tenths to 3.6 Percent

  Idaho's seasonally adjusted unemployment rate jumped five-tenths of a percentage point to 3.6 percent in May. This was a one-month record increase and the highest rate since November 2005.

  The escalating cost of living, especially for food and energy, pushed more people into the labor force, looking for jobs to supplement household budgets at a time when employers are curbing expenditures to cope with the rapidly slowing economy.

  Still the number of newly hired workers in May was up 2,500 from April and over 1,000 ahead of the long-term average for May. Total nonfarm jobs across the state in May fell below the year-earlier level for the first time since November 2001 as the national recession was formally ending. 

  May marked the fourth straight month that Idaho's jobless rate increased. But despite the significant hike, it was still the 36th month in a row the rate has been under 4 percent, a level most economists consider full employment. In 2007, May's unemployment rate was 2.7 percent.

  Idaho's unemployment increase matched the increase across the nation, where the jobless rate rose from 5 percent to 5.5 percent. But the two percentage point spread between the state and national rates was the 80th straight month that Idaho's unemployment rate has been lower. 

  The number of Idaho workers with jobs in May fell for the second consecutive month and the third time this year. Another 2,100 were without work, cutting total employment to 728,000 - 5,400 fewer people than a year earlier.

  At the same time, workers without jobs jumped 3,900 from April as 1,800 more people entered the labor force looking for work.

  Significant year-over-year losses in construction and manufacturing across the board were partially offset by increasing opportunities in professional and business services, health care and tourism.

  From April to May, small increases were projected in health care and accommodations. Although increased employment was expected in leisure and hospitality as Idaho's summer tourism season began, concerns remained that skyrocketing gas prices would dampen tourism activity. Agriculture employment was up due to ground preparation, planting and irrigating in full swing. 

  Only four counties experienced a year-over-year decrease in unemployment - Cassia, Clark, Minidoka and Washington. Unemployment increased or remained unchanged in the remaining counties.

  Canyon and Elmore counties reported the largest increase in the unemployment rate, 1 percentage point, from April. Benewah County's unemployment rate dropped from 10.4 percent in April to 7.7 percent in May. The changes in the unemployment rates in these counties were due to fewer people working. Ada County reported the largest drop in the number of people working, 1,300, between April and May.

  Two counties had unemployment rates above 7 percent - Benewah at 7.7 percent and Clearwater at 7.2 percent.

  Unemployment rates below 2 percent were posted in only two counties - Teton at 1.9 percent and Clark at 1.3 percent. 

  Seasonally Adjusted Forecast Data                  

       5/08
       4/08
       5/07

        Civilian Labor Force
       754,900
       753,100
       753,900

        Unemployment                         
       26,900
       23,000
       20,500

        % Labor Force Unemployed
       3.6
       3.1
       2.7

        Total Employment
       728,000
       730,100
       733,400

        Unadjusted Forecast Data        
       5/08
       4/08
       5/07

        Civilian Labor Force
       752,800
       748,100
       751,300

        Unemployment                         
       22,600
       25,200
       15,700

        % Labor Force Unemployed
       3.0
       3.4
       2.1

        Total Employment
       730,200
       722,900
       735,600

  Area Unemployment Rates

       5/08
       4/08
       5/07

        Boise City-Nampa MSA
       3.9
       3.1
       2.8

        Burley MicSA
       3.1
       2.7
       3.4

        Coeur d'Alene MSA*
       3.7
       3.3
       2.7

        Grangeville SLMA
       4.4
       4.5
       3.7

        Hailey SLMA
       2.6
       2.5
       2.1

        Idaho Falls MSA
       2.4
       2.0
       1.9

        Lewiston MSA
       3.9
       3.3
       3.2

        Pocatello MSA
       3.7
       3.1
       3.0

        Rexburg MicSA.
       2.7
       2.2
       2.1

        Twin Falls MicSA
       2.7
       2.3
       2.4

------------------------------------------------------------------------------
  The information contained in this e-mail from the Idaho Department of Labor may be privileged, confidential, or otherwise protected from disclosure. Persons who share such information with unauthorized individuals may face penalties under state and federal law. If you have received this e-mail in error, please reply to the sender that you received this information in error and delete this e-mail after replying to the sender.
-------------- next part --------------
An HTML attachment was scrubbed...
URL: http://mailman.fsr.com/pipermail/vision2020/attachments/20080606/69d20f29/attachment-0001.html 
-------------- next part --------------
A non-text attachment was scrubbed...
Name: not available
Type: image/jpeg
Size: 4909 bytes
Desc: not available
Url : http://mailman.fsr.com/pipermail/vision2020/attachments/20080606/69d20f29/attachment-0001.jpe 