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Idaho Economic Situation Report

Idaho Economic Situation Report. July 2014. Idaho Department of Labor Kenneth D. Edmunds, Director Georgia Smith, Deputy Director Bob Uhlenkott, Chief Research Officer. Prepared by the Communications and Research Division. Idaho economic report. Overview Executive summary

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Idaho Economic Situation Report

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  1. Idaho Economic Situation Report July 2014 Idaho Department of Labor Kenneth D. Edmunds, Director Georgia Smith, Deputy Director Bob Uhlenkott, Chief Research Officer Prepared by the Communications and Research Division

  2. Idaho economic report Overview • Executive summary • Economic and labor statistics for Idaho and the nation • Unless noted otherwise, all data in this presentation is seasonally adjusted.

  3. Economic report: executive summary June - 2014 Idaho’s nonfarm jobs increased by 1,600 in June while the unemployment rate dropped by two-tenths of a percent. • Idaho • Unemployment Rate is 4.7% for June. • Labor force decreased slightly by one-tenth of a percent. • Total nonfarm increased by 1,600, 0.2%, from May to June. • Nation • The unemployment rate also decreased by two-tenths of a percent from May to 6.1%. • Total nonfarm increased 0.2%. Sources: Bureau of Labor Statistics, Idaho Department of Labor, U.S. Census Bureau

  4. Labor market indicators: change summary • The last time Idaho’s unemployment rate was at 4.7% was in June of 2008. Last month Idaho was ranked No. 14 in the nation with an unemployment rate of 4.9%. • Total Nonfarm employment increased by 1,600 or 0.2% month-to-month. Nonfarm jobs are 4,800 higher compared to June 2013. Sources: Bureau of Labor Statistics, Idaho Department of Labor

  5. Comparative unemployment rates with recessions (seasonally adjusted)

  6. Idaho Unemployment County and Metropolitan Statistical Area (MSA) Unemployment (seasonally adjusted) • Counties: • In June, none of Idaho’s counties experienced a double-digit unemployment rate. • Clearwater county had the highest unemployment rate at 9.6%. • One year ago six counties experienced double-digit unemployment rates: • Adams – 13% • Clearwater – 12% • Shoshone – 11.3% • Benewah – 10.4% • Lemhi – 10.2% • Valley – 10.1% • Lowest county rate: • Oneida – 2.9% • MSAs: • Highest unemployment rate: Coeur d’Alene 5.1% in June 2014. • Lowest unemployment rate: Idaho Falls with 3.9%. • Cities: • Highest unemployment rate: Caldwell 5.8% in June 2014. • Lowest unemployment rate: Rexburg with 3.5%.

  7. Labor force:

  8. Labor force:participation rate

  9. Initial unemployment claims:Idaho - Nation

  10. Idaho Total Nonfarm Jobs

  11. Idaho nonfarm jobs:seasonally adjusted statewide change by industry Statewide Month-to-Month Change *Construction had the largest change this month with a 2.0% decline. This is not statistically significant. *Leisure and Hospitality increased 1.9% from May, a statistically significant movement. Statewide Over-the-Year Change *Leisure and Hospitality at 3.5%, Construction at 3.2%, and Retail Trade at 1.4% all had over-the-year changes larger than 1%. *Manufacturing declined 0.5%.

  12. Idaho nonfarm jobs:seasonally adjusted metropolitan area change MSA Month-to-Month Change *Lewiston at -0.7% and Pocatello at -0.3% both declined in jobs from May to June. *Coeur d'Alene had the largest growth at 0.9%. *None of the changes were statistically significant. MSA Over-the-Year Change *From June 2012, Coeur d'Alene had the largest MSA job growth at 3.0%. *At -0.7%,Lewiston was the only MSA to show a decline from last year.

  13. Employment recession recovery:

  14. Housing starts:

  15. National GDP Source: U.S. Department of Commerce: Bureau of Economic Analysis

  16. Idaho GDP Source: Bureau of Economic Analysis

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