Utah job growth slips as unemployment ticks upward

Utah added about 34,700 new jobs in the 12-month period between November 2022 and November 2023, a 2% year-over-year increase. The unemployment rate, adjusted for seasonal variations, remained near historic lows at just 2.8%, but it was rising, having gone up a tenth of a percentage point from the previous month, according to figures reported by the Utah Department of Workforce Services . “Utah remains in a job-growth mode centered around the 2% range,” said Mark Knold, Chief Economist at the DWS. “This is slightly below the state’s long-term average and the economy has rotated around this focal point for the past several months.” The growth rate had slowed in recent months, which Knold attributed to a slowing influx of new workers. “Reduced in-migration this year is a leading reason for Utah’s growth moderation,” he said. ” Also, the inflation-fighting procedures employed by the Federal Reserve are producing more of an economic dampening effect this year than they did last year. But given those headwinds, Utah is still pushing forward with job growth.” A sign advertises open positions outside a Taco Bell restaurant in St. George. Utah still outpaced most other states for job growth, and the unemployment rate was still much lower than the national average of 3.7%. The private sector counted a 1.8% year-over-year increase in jobs, led by big jumps in the Leisure and Hospitality Services industry sector (10,000 new jobs) and in education and health services (8,500). Two sectors counted job losses, with 3,800 fewer jobs reported in trade, transportation and utilities and 100 fewer jobs in natural resources. More in-depth analyses and data tables are available at https://jobs.utah.gov/wi/update/index.html . Job growth rises nationally Hiring across the U.S. picked up in November as striking auto workers and actors returned to the fold, and businesses continued […]

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By Donato