State’s Unemployment Rate Remains Near Record

Gov. Greg Gianforte has announced Montana’s unemployment rate remained near record lows in May, ranking in the top five states in the nation with the lowest unemployment rates.

Montana’s unemployment rate was 2.8 percent in May, continuing the historic 47 consecutive months of unemployment at or below 3.4 percent and eight consecutive months below 3 percent.

“Our historic stretch of low unemployment continued in May, as we close in on four years of unemployment at or below 3.4 percent,” Gianforte said. “Our commitment to supporting job creators, our growing wages, and business-friendly environment continues to support the success of hardworking Montanans.”

Montana’s unemployment rate was 1.4 percent lower than the national unemployment rate, which was 4.2 percent in May.

Total employment (which includes payroll, agricultural, and self-employed workers) decreased slightly in May. Payroll jobs grew by 2,000 over the month, with growth in the construction industry.

The month of May marked the third consecutive month where the number of unemployed Montanans remained below 16,000 — near the record low of just under 14,000 which was reached in 2023.

The Consumer Price Index for All Urban Consumers increased 0.1 percent on a seasonally adjusted basis in May. The index for shelter rose 0.3 percent in May, the primary factor for the monthly all items increase. Over the last 12 months, the all-items index rose 2.4 percent with core inflation rising 2.8 percent. The index for all items minus food and energy, or core inflation, rose 0.1 percent in May.