Understanding the unemployment rate is important, as it goes beyond simply being a government worker or economic analyst. The jobless rate is a contributing factor of the economy within the state and can be the direct reaction of job growth and job creation or job loss for that matter. Analysts use the unemployment rate to determine whether a state or the country is in a recession. In order to figure out what the unemployment rate in Idaho is, two surveys would need to be completed by the Bureau of Labor Statistics. From that data, the total number of jobless individuals is divided by the total number of workers in the labor force, which is then multiplied by 100 to find a percentage. This number fluctuates monthly to adjust to growth or labor cuts.
Idaho Unemployment Resources
What is the Unemployment Rate in Idaho?
For those asking “What is the unemployment rate in Idaho?” the answer is very good news. In Idaho, the statewide unemployment rate has been adjusted to 3.2 percent for the month of May 2017. This means that the unemployment rate in Idaho has been on a decline for the past few consecutive months. According to labor force analysts, the decline is due in part from the residents of Idaho leaving the workforce, whether for retirement or otherwise. Other unemployed workers in Idaho are ending their job search completely. Year after year Idaho has shown drastic increases in non-farm payroll jobs as well as huge increases in the education and health services sector. While the national jobless rate falls around 4.4 percent currently, Idaho is well under that threshold. Even with seasonal adjustments, Idaho’s economic standing has been promising, to say the least.
For individuals in Idaho who are having difficulty with unemployment, there are insurance benefits that can help. Unemployment insurance benefits vary from state-to-state and are available for those jobless individuals who need wage assistance in between employment. Eligibility requirements vary, so it is important to know in advance what the state requires for an application. In Idaho for example, individuals must be available to work and be unemployed through no fault of their own.