Idaho’s Unemployment Insurance Fund Improving
BOISE, Idaho (AP) — More workers on the job are helping Idaho stock up its unemployment insurance trust fund, leading to an estimated $50 million in savings for the state’s thousands of businesses this year. This marks the first reduction in unemployment insurance rates after numerous increases that brought business’ payments to the maximum — and drained Idaho’s unemployment reserves, forcing the state to borrow some $200 million from the federal government.
Gov. C.L. “Butch” Otter used his State of the State speech on Monday to announce the positive news, which he attributes to a partially reinvigorated Idaho economy that’s on the upswing nearly five years after the recession of 2008. Otter says he hopes having a little more money in their coffers will be a stimulus for Idaho companies to create new jobs.