The latest press release from the Utah Department of Workforce Services (DWS) paints a positive picture of the state’s economy, with nonfarm payroll employment showing a significant increase over the past year. According to the report, Utah’s job count has reached 1,766,500, with a 2.4% increase in employment since June 2023, adding a total of 41,400 jobs to the state’s economy.
One of the key highlights of the report is the estimated unemployment rate for June 2024, which stands at 3.0%. While this represents a slight increase from the previous month’s rate of 2.9%, it is still lower than the national unemployment rate of 4.1%. Approximately 54,300 Utahns are currently unemployed, indicating a strong labor market in the state.
Ben Crabb, Chief Economist at the Utah Department of Workforce Services, commented on the latest numbers, noting that the job growth has been particularly strong in sectors such as construction, private education and health services, and the public sector. However, he also mentioned that public sector hiring is starting to slow down, and the unemployment rate, while still low, has been gradually increasing.
Crabb also hinted at the possibility of an interest rate cut later in the year, which could further stimulate job growth in the state. With inflation trending in the right direction, such a move could provide a boost to the economy and help maintain the positive momentum in job creation.
In terms of private sector employment, Utah saw a year-over-year expansion of 2.1%, with a total increase of 31,300 jobs. The report highlights that seven out of the ten major private-sector industry groups posted net job gains, with education and health services, professional and business services, and construction leading the way in terms of job growth.
However, not all sectors saw positive growth, as financial activities and information recorded job losses in the past year. Despite these setbacks, the overall trend in Utah’s economy remains positive, with strong job creation and a relatively low unemployment rate compared to the national average.
Overall, the DWS press release paints a promising picture of Utah’s economy, with continued job growth and a healthy labor market. The state’s diverse industry sectors are contributing to the overall expansion, and with the right policy measures in place, Utah is well-positioned to maintain its economic momentum in the months to come.