2012 Idaho unemployment figure adjusted
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March 2, 2013 |
Revised figures released by the U.S. Bureau of
Labor Statistics lowered Idaho’s average
unemployment rate for 2012 by three-tenths of a
point to 7.1 percent.
Statewide, Idaho’s unemployment rate fell
dramatically from July 2011 through the end of
2012, dropping from 8.5 percent in mid-2012 to
6.3 percent last December. Earlier estimates
show the decline from 8.9 to 6.6 percent.
December’s total employment at 725,500 was about
1,600 higher than the initial estimate and
reflects Idaho’s highest number of employed
since April 2008. Initial estimates showed
December’s employment at its highest since May
2008.
The number of unemployed dropped below 50,000
last December for the first time since February
2009, under the revised figures.
But the revisions also showed the worst
recession since World War II disrupted Idaho’s
economy slightly more than originally estimated.
Total employment fell below earlier estimates
and the labor force grew more slowly after the
recession ended in June 2009, showing little or
no growth during much of 2012.
Modest growth in the statewide labor force over
the past 18 months has raised analysts’ concerns
about the strength of Idaho’s economic recovery
and the size of the labor pool needed to support
a strong economic expansion.
The Bureau of Labor Statistics revised the
monthly employment figures back to the beginning
of 2008 to incorporate better, more complete
data on jobs, unemployment benefits and labor
force participation.
As a result, Idaho’s unemployment rate during
the slowdown peaked at 8.8 percent from August
through November 2010, a tenth of a point below
the revision a year ago and nine-tenths of a
point below the original 2010 estimated high
rate. Unemployment was slightly higher during
the recession than first thought, but it has
been lower than earlier estimates since
mid-2010.
Idaho’s average unemployment rate for 2011 was
8.3 percent, four-tenths of a point lower than
the last estimate, and 8.7 percent in 2010, down
a tenth of a point. In contrast, the average
rates for 2009 at 7.5 and 2008 at 4.8 were both
a tenth of a point higher than the pre-revision
averages.
Nationally unemployment averaged 8.1 percent in
2012, 8.9 percent in 2011, 9.6 percent in 2010,
9.3 percent in 2009 and 5.8 percent in 2008.
The unemployment rate for January 2013 is
scheduled for release March 15. The rate for
February 2013 is scheduled for release March 22.
The revised county-by-county employment data for
2008 through 2012 will be released April 19. |
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