The Utah Department of Workforce Services released its latest employment summary, and the Beehive State doesn’t show any signs of an impending recession. Utah’s employment for November 2022 increased an estimated 2.6% across the past 12 months, with the state’s economy adding a cumulative 43,100 jobs since November 2021. The current job count stands at 1,688,600.
The report showed November’s seasonally-adjusted unemployment rate crept up one-tenth of a percentage point to 2.2%. That number compares quite favorably with the November national unemployment rate, unchanged at 3.7%. Utah’s unemployment rate, though still low, is starting to inch upward.
Mark Knold, Chief Economist for the state reports that this change in unemployment is no cause for concern, given how low it is. Knold said in a recent press release that: “An eventual upward movement is a normal and expected action. In economics, when an economy performs so powerfully as the Utah economy has over the past two years, an eventual slowing is destined to emerge.”
Utah’s November private sector employment recorded a year-over-year expansion of 2.6%, or a 39,500 job increase. Seven of ten major private-sector industry groups posted net year-over-year job gains, led by Construction (14,600 jobs); Education and Health Services (9,800 jobs); Trade, Transportation, Utilities (9,400 jobs); and Leisure and Hospitality (8,700 jobs).
The Department of Workforce Services’ monthly report is created by statistics generated by the U.S. Bureau of Labor Statistics and modeled from monthly employer and household surveys. With robust economic growth, a vibrant culture, and abundant outdoor recreation opportunities, it’s no wonder Utah consistently ranks as one of the best places to live and operate a business.