Your source for labor market information for the state of Idaho. Within this site you can find economic information to help you make informed decisions whether you are an employer or a job seeker, a student or an economic analyst.
Idaho Unemployment Rate Increases to 3.8 Percent
A stagnant job market and escalating costs drove June’s seasonally adjusted unemployment rate up for the fourth straight month as the number of Idaho workers with jobs fell over 11,000 below June 2007.
Idaho’s unemployment rate jumped two-tenths from May to 3.8 percent. Although June was the 37th consecutive month the state’s rate has been below the 4 percent level most economists consider full employment, the rate was 1.1 percentage points higher than a year earlier. Normally the unemployment rate remains unchanged in June or varies by one-tenth of a percentage point up or down. The two-tenth increase was the largest May to June increase on record.
Nationally, unemployment remained unchanged at 5.5 percent, the 81st month that Idaho’s rate has been lower.
In Idaho, June’s contracting labor force and the decline in total employment, aggravated by a significant increase in unemployment, reflects economic activity similar to the severe times of the early 1980s. Total employment this June was 723,600, down 4,400 from May and 11,200 from a year ago. It was the largest month-to-month drop on record, and the year-over-year decline marked the third consecutive month with significant job erosion. Employment has not decreased this significantly since 1980. Read more... 7/3/2008
July’s Minimum Wage Hike Provides Raises for Tens of Thousands
State and federal minimum wages increase another 70 cents an hour on July 24, providing a mid-summer boost of up to 12 percent in the paychecks of tens of thousands of low-paid Idaho workers.
The increase from $5.85 to $6.55 an hour marks the second phase of a three-year plan approved by Congress in 2007 to ultimately set the national minimum wage at $7.25 an hour. The first step from $5.15 to $5.85 an hour occurred last July. The third and final increase will occur on July 24, 2009.
While states are not required to adhere to the federal minimum wage, the Legislature voted in 2007 to make Idaho’s basic minimum wage identical to the federal minimum. Read more... 6/2/2008