Montana reaches 40th consecutive month of unemployment at or below 3.4%

Governor Greg Gianforte recently announced Montana’s unemployment rate reached its 40th consecutive month of unemployment at or below 3.4%. In October, Montana’s unemployment rate was 3.3%, while the national rate was 4.1%.

“Since 2020, Montanans have consistently said they want pro-jobs, pro-family, pro-business policies,” Gov. Gianforte said. “Working with the legislature, we’ve delivered. We must build on our momentum by help hardworking taxpayers keep more of what they earn, recruit new investment, and create more good-paying jobs so that every Montanan can reach the American dream.”

The state’s historic stretch of low unemployment continues to break records. The next closest stretch was during 2006 and 2007, when the state’s unemployment rate remained at or below 3.4% for 15 months.

Total employment increased slightly in October. Montana has added over 11,000 payroll jobs since January, led by growth in the healthcare, retail trade, and construction industries. In a recent report, the Montana Department of Labor and Industry announced that under Gov. Gianforte’s leadership, Montana’s labor force reached a record high of 580,000 people in 2023, with more than 10,000 Montanans entering the labor force last year alone.

October marked the fourth consecutive month that consumer prices rose 0.2% as measured by the Consumer Price Index for All Urban Consumers (CPI-U). The all-items index rose 2.6% for the 12 months ending in October. Core inflation, or the index for all-items less food and energy, rose 0.3% in October for a 12-month increase of 3.3.%. The indexes for shelter rose 0.4% contributed to more than 50% of October's monthly all items increase.