ID – Unemployment Falls to Historic Low

Idaho’s seasonally adjusted unemployment rate was 2.7% in March – down from February’s rate of 2.8%. This marks a new record low since the series began in 1976.

The number of Idahoans employed or looking for work grew by 5,082 people (0.5%) to 932,278. Labor force participation increased by 0.2 percentage points between February and March to 62%. Idaho’s peak participation rate reached 71.4% in September 1998.

Total employment grew from February by 6,467 (0.7%) to 907,537 while total unemployment dropped by 1,385 (-5.3%) to 24,741.

According to Help Wanted Online, there were 59,894 online job postings in Idaho during March, or 2.4 job openings for every unemployed Idahoan looking for work.

Idaho’s nonfarm jobs matched seasonal expectations in March, with a slight decrease of 400 jobs to 812,500. Total nonfarm jobs in Idaho were 5.1% above the February 2020 pre-pandemic peak. Industry sectors with the greatest over-the-month gains include natural resources (2.3%); other services (1.5%); financial activities (1%); private education services (0.8%); accommodation and food services (0.6%); professional and business services (0.4%); and health care and social services (0.3%).

Industries with the greatest job declines include retail trade (-1.2%); information (-1.2%); durable goods manufacturing (-1%); federal government (-0.8%); state government (-0.6%); wholesale trade (-0.6%); arts, entertainment and recreation (-0.6%); nondurable goods manufacturing (-0.3%); and transportation, warehouse and utilities (-0.3%).