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Idaho Economic Situation Report

Idaho Economic Situation Report. August 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 August 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 July - 2014 Idaho’s nonfarm jobs increased 2,500 in July while the unemployment rate increased by one-tenth to 4.8%. • Idaho • Unemployment Rate is 4.8% for July. • Labor force remained at basically the same level as June. • Total nonfarm increased 2,500 jobs, 0.4%, from June to July. • Nation • The unemployment rate increased by one-tenth of a percent from June to 6.2%. • Total nonfarm increased 0.4% from June. 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 4.8% was in April 2004. • Total Nonfarm employment in July increased 2,500, or 0.4% month-to-month. • Nonfarm jobs are 7,300 higher compared to July 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 July, none of Idaho’s counties experienced a double-digit unemployment rate. • Six counties experienced unemployment rates greater than 7%: • Clearwater – 9.4% • Adams – 8.9% • Shoshone – 8% • Lemhi – 7.8% • Benewah – 7.4% • Valley – 7.3% • Lowest county rate: • Franklin - 3% • MSAs: • Highest unemployment rate: Coeur d’Alene 5.2% in July 2014. • Lowest unemployment rate: Idaho Falls with 4%. • Cities: • Highest unemployment rate: Caldwell 5.6% in July 2014. • Lowest unemployment rate: Rexburg with 3.8%.

  7. Labor force:Idaho - Nation

  8. Labor force:participation rate

  9. Initial unemployment claims:Idaho - Nation

  10. Idaho Total Nonfarm Jobs

  11. Idaho nonfarm jobs:statewide seasonally adjusted change by industry Statewide Month-to-Month Change *Although not statistically significant, Construction (-0.6%) and Manufacturing (-0.5%) had the only employment declines from June. *None of the major sectors had statistically significant changes. Statewide Over-the-Year Change *Manufacturing declined 1.3%. *Construction (2.7%) and Leisure & Hospitality (3.8%) had the largest employment increases.

  12. Idaho nonfarm jobs:metropolitan area seasonally adjusted change MSA Month-to-Month Change *Coeur d'Alene (1.2%) and Idaho Falls (1.8%) experienced higher than normal job growth in the month of July. *Idaho Falls had the only statistically significant movement amongst Idaho’s MSAs. MSA Over-the-Year Change *From July 2013 to July 2014, all MSAs experienced increases larger than the 10-year average.

  13. Employment recession comparison

  14. Employment recession:Construction and Manufacturing from Prerecession Peak to Now

  15. Housing permits:

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

  17. Idaho GDP Source: Bureau of Economic Analysis

  18. Annual population growth:

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