In spite of financial data indicating a slowing economy, Utah’s unemployment rate held at a low 2.3 percent during the month of May. Meanwhile, the national rate for unemployment rose to 3.7 percent from April.
The May number indicates about 42,000 Utahns are currently jobless, according to a new report by the Utah Department of Workforce Services (DWS). Utah’s rate has changed only slightly since starting 2023 at 2.4 percent.
The DWS also reported that the state economy added a cumulative 48,900 jobs since May 2022. Utah’s current job counts stands at 1,727,100. Mark Knold, DWS Chief Economist, reported: “Springtime is here and the Utah economy is ready for its yearly injection of new labor into the economy.”
Knold said spring graduation is the most prolific time of the year for new labor to enter the Utah economy. Young working-age residents, whether from high school graduation or college, approach the labor market, some for the first time. “This is the life-blood for the Utah economy. Its expansion and vibrancy are driven by the large amount of young labor that ages in each year,” Knold said.
The June DWS report showed May’s private sector employment recorded a year-over-year expansion of 2.9%, or a 41,500 job increase. Eight of 10 major private-sector industry groups posted net year-over-year job gains, led by leisure and hospitality services (16,100 jobs), education and health services (8,500 jobs), professional/business services (6,600 jobs), and construction (4,700 jobs).
Layton City features a remarkably resilient and vibrant community, joined by a diverse population and economy, encompassing everything from retail to aerospace. Layton is one of the youngest cities in population, nearly 10% younger than the U.S. average for persons under 18 years old. Layton’s young, educated and talented workforce helps drive those who live here to excel.