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

Fri Jun 6 18:23:40 PDT 2008

Unemployment doesn't mean anything. In order to be considered employed by the government you only need work 1 hour a week for minimum wage. 

  I would use the number of jobs created or lost each quarter and the real wage growth rate to figure which way and how fast the economy is going. 

  Best Regards,

  Donovan 

Bill London <london at moscow.com> wrote:
      v\:* {   BEHAVIOR: url(#default#VML)  }  o\:* {   BEHAVIOR: url(#default#VML)  }  w\:* {   BEHAVIOR: url(#default#VML)  }  .shape {   BEHAVIOR: url(#default#VML)  }        st1\:*{behavior:url(#default#ieooui) }               

  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

---------------------------------
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