[Vision2020] Fwd: FW: December Unemployment Rate Soars to 6.6 Percent

[Tom Trail]

>Constituents:  The dramatic increase in the Idaho unemployment rate

is not good news.  This is an update on the situation from Roger Madsen,
Director of the Idaho Department of Labor.

Rep. Tom Trail

>Because of the dramatic increase in December unemployment, Director 
>Roger B. Madsen wanted to make sure you had a copy of this 
>information.
>
>
>Editors, News Directors: Also attached are charts with 
>county-by-county monthly and annual rates and the statewide 
>statistics by month for 2007 and 2008.
>
>
>
>NEWS RELEASE
>
>For Immediate Release: Jan 9, 2008
>Information Contact: Bob Fick (208) 332-3570 ext. 3628 or Georgia 
>Smith (208) 841-5509
>
>December Unemployment Rate Soars to 6.6 Percent
>-Average Rate for 2008 Jumps to 4.2 Percent-
>
>Over 12,000 jobs vanished from Idaho's economy in December, driving 
>the state's seasonally adjusted unemployment rate up nine-tenths of 
>a point from November to 6.6 percent.
>
>More than 50,000 workers were without jobs, more than double a year 
>earlier, as the unemployment rate hit its highest level in over 20 
>years and Idaho's economic turmoil approached the severity of the 
>early 1980s. The rate was only 2.7 percent in December 2007.
>
>The deepening recession was felt throughout the state, hitting every 
>sector of Idaho's economy including government. The state paid out a 
>record $33 million in regular and extended jobless benefits during 
>December and an unprecedented $22 million during the first two weeks 
>of January.
>
>Total employment fell another 7,200 to just over 710,000, down 
>almost 27,000 from December 2007 and the fewest people at work in 
>Idaho since January 2006. At 3.6 percent, it was the largest 
>year-over-year employment decline on record.
>
>December's huge job loss - the deepest December job loss since 1979 
>- capped a year where Idaho's economy dropped over 27,000 nonfarm 
>jobs, the first year the state has lost jobs since 1986. Idaho 
>employers reported hiring fewer people in December than in any other 
>month since mid-1999. Single job openings were attracting hundreds 
>of applicants.
>
>December's 4.1 percent job decline from December 2007 marked the 
>largest year-over-year job loss since October 1982 during the heart 
>of the state's worst economic crisis since the Great Depression.
>
>The dramatic spike in the jobless rate further narrowed Idaho's gap 
>with the national rate, which rose four-tenths of a point to 7.2 
>percent. Idaho has been below the national rate for over seven years.
>
>  While Idaho's 6.6 percent December forecast could be revised, any 
>revision would be minor. Rates for both October and November were 
>revised downward by a tenth of a point from the preliminary rates. 
>The last time Idaho experienced a month-to-month increase of more 
>than nine-tenths of a point was in 1972.
>
>Sectors with typically higher paying jobs continued to be hit hard. 
>Over 3,800 more construction jobs were lost in December, bringing 
>the total decline in 2008 to 7,600 and dropping the number of 
>construction jobs to its lowest level since April 2005.
>
>Another 1,300 manufacturing jobs disappeared - primarily in high 
>technology and wood products - pushing the overall loss in 2008 to 
>7,700, one of the worst annual manufacturing job losses on record. 
>This continued erosion left Idaho with less than 58,000 
>manufacturing jobs, the smallest number since May 1992.
>
>Wholesale and retail trade both shed jobs in December - a month that 
>typically sees increased employment. Financial services, business 
>services and restaurants all posted job losses.
>
>Forty of Idaho's 44 counties saw jobless rates rise and nine posted 
>double-digit rates. Adams at 17.5 percent was the highest. A year 
>ago, the highest rate was 9 percent in Clearwater County. Clearwater 
>was also the last county reporting an unemployment rate at 17.5 
>percent - in February 1988.
>
>Unemployment in the Boise-Nampa metropolitan area hit 6.8 percent, 
>up from 2.5 percent one year earlier. In the past year, 15,800 fewer 
>people were working, nearly 60 percent of the state's employment 
>loss, while the ranks of the unemployed swelled by 12,700, just over 
>40 percent of the increase statewide.
>
>The lowest county unemployment rate in December was 2.7 percent in 
>Owyhee County. No other counties reported unemployment rates below 
>3.5 percent. A year ago, 22 were at or below 3 percent with the 
>lowest rate in Owyhee County at 1.2 percent.
>
>In 2008, unemployment averaged 4.2 percent, up a percentage point 
>and a half from 2007's record low average and the highest annual 
>average rate since 2004. During 2008, 37 counties saw unemployment 
>rates double.
>
>Clearwater recorded the highest average rate at 9.2 percent, well 
>above the 2007 average of 6.6 percent. The lowest annual average 
>unemployment rate was reported in Teton County at 2.3 percent. Eight 
>other counties reported average unemployment rates at or below 3 
>percent. In 2007 there were 27 counties with an average unemployment 
>rate at or below 3 percent.
>
>Seasonally Adjusted Forecast Data            
>
>12/08
>11/08
>12/07
>
>
>
>
>Civilian Labor Force
>760,300
>760,700
>757,100
>Unemployment
>50,100
>43,300
>20,200
>% Labor Force Unemployed
>6.6
>5.7
>2.7
>Total Employment
>710,200
>717,400
>736,900
>
>
>
>
>Unadjusted Forecast Data
>12/08
>11/08
>12/07
>
>
>
>
>Civilian Labor Force
>757,400
>759,100
>755,500
>Unemployment
>50,100
>42,000
>22,300
>% Labor Force Unemployed
>6.6
>5.5
>3.0
>Total Employment
>707,300
>717,100
>733,200
>
>Area Unemployment Rates            
>
>
>12/08
>11/08
>12/07
>
>
>
>
>Boise City-Nampa MSA
>6.8
>5.9
>2.5
>Burley MicSA
>6.1
>4.5
>3.3
>Coeur d'Alene MSA*
>7.3
>6.7
>3.0
>Grangeville SLMA
>10.3
>8.8
>4.8
>Hailey SLMA
>5.5
>4.9
>2.1
>Idaho Falls MSA
>4.8
>3.5
>1.9
>Lewiston MSA
>6.4
>6.0
>3.3
>Pocatello MSA
>5.5
>4.7
>2.5
>Rexburg MicSA.
>4.8
>3.6
>2.0
>Twin Falls MicSA
>5.1
>4.6
>2.1
>
>*Coeur d'Alene MSA includes all of Kootenai County
>
>
>
>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.
>
>Content-Type: image/jpeg; name="image003.jpg"
>Content-Description: image003.jpg


-- 
Dr. Tom Trail
International Trails
1375 Mt. View Rd.
Moscow, Id. 83843
Tel:  (208) 882-6077
Fax:  (208) 882-0896
e mail ttrail at moscow.com
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