Governor Greg Gianforte announced Tuesday, April 19, that Montana’s unemployment rate had dropped to 2.3% — a new record. Additionally, Yellowstone County created 4,098 new jobs over the past year, making the county’s unemployment rate a mere 2.5%. Those numbers rank the county as 19th in terms of unemployment, and set a new local record as well.
“Because of Montanans’ hard work, we’re at our lowest unemployment rate ever, and more Montanans are working than ever before,” Gianforte said.
The Governor expressed concern, however, at rising inflation and the potential effect it could have on Montana’s growing economy. According to the US Bureau of Labor & Statistics, the national inflation rate grew 8.5% from 2021 to 2022. In the last twelve months, the cost of groceries went up 10%, gas prices soared up 48%, and rent expenses grew by 4.4%.
Locals are feeling the squeeze of inflation as well, with the US Census Bureau reporting 28.5% of Yellowstone County households as “burdened,” which means over a third of their income goes to housing costs. This is no surprise as the average cost to rent a one-bedroom apartment in Billings is about $941 per month, according to the latest statistics.
Gov. Gianforte stated that “inflation is robbing people… on their take-home pay.” He added that it’s up to the federal government to get inflation under control, and urged those officials to “stop passing the buck” when it comes to economic issues.
Montana Department of Labor & Industry (DLI) published a review of inflation this year that echoes the Governor’s sentiment. Emily Trautman, a senior economist with DLI, said, “the Federal Reserve will need to adjust policy to anchor long-term inflation.”
Overall, the Governor’s office described Montana’s rapid economic growth and low unemployment as “great news,” and added, “we’ll keep working with Montana’s employers to bring new people into the workforce and make sure they get the training and skills they need to succeed, thrive, and prosper.”
