Wednesday, April 7, 2010

Idaho unemployment rate drops

Percentage of jobless workers down for first time in 32 months

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By EXPRESS STAFF
Express Staff Writer

Job gains across much of the economy eased Idaho unemployment a tenth of a point to 9.4 percent in March, the first decline in the jobless rate in 32 months. New jobs exceeded new job seekers for the first time in three years in another sign that Idaho's economy may have started to recover.

According to the Idaho Department of Labor, six key economic indicators—labor force, new hires, total employment, unemployment, job gains and weekly benefit payouts—are all headed in the right direction.

"I'm very encouraged and optimistic," department Director Roger B. Madsen said.

The number of workers without jobs retreated from February's record 71,600, slipping under 71,000 for the first decline in the number of people unemployed since March 2007. The recession began in December 2007.

While the labor force grew another 2,200 from February to March, the 10th monthly increase in a row, total employment at 686,700 rose 2,700, the highest one-month jump in the number of people working in six years.

The Wood River Valley and surrounding area had a March unemployment rate of 9.6 percent, down from 9.8 percent in February, but up from 5.4 percent a year ago.

The national rate remained unchanged for the third straight month at 9.7 percent.

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