Understanding the unemployment rate can be a huge benefit for those seeking to analyze the economic standing of their state as well as the nation as a whole. The jobless rate is a statistical percentage representing the total number of unemployed individuals within the job market. This unemployment rate fluctuates with each set of data that is retrieved monthly. In order for a person to be considered unemployed, they must be at least 16 years of age, seeking employment as well as willing and able to work. Those who are retired, students or caretakers of family at home are not considered unemployed. Also, the unemployment rate does not consider those who work part-time or temporarily as unemployed workers in the labor force. The reason why the unemployment rate is important to track, is that it is indicative of economic trends or economic conditions within a state that may need attention. It also helps each state budget for its unemployment insurance program.
The answer to, “What is the unemployment rate in Montana?” changes each month. As of May 2017, the unemployment rate in Montana crept up to 3.9 percent from 3.8 percent in April. Comparatively speaking, the unemployment rate in Montana is lower than the national average of 4.3 percent. The Department of Labor in Montana has assured workers that the economy is on an upswing and that the state economy continues to be one of the strongest in the nation. The state provides a plethora of opportunities for those who seek them such as the unemployment insurance services to aid in reemployment. While the retail sector took the biggest hit in terms of job loss, Montana has added over 7,000 jobs total over the past year.
Despite the increase in job growth since 2016, as well as the decrease in jobless rate, workers still struggle with unemployment within the state. Unemployment benefits are available for those who qualify. Unemployment insurance benefits come in the form of temporary wage assistance in order to help individuals find new job or reenter the work force. Eligibility requirements do apply, so make sure to learn about the Montana unemployment benefits prior to applying.