2012 Idaho unemployment figure adjusted
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.