Utah economy still booming
With the Utah economy still booming following a period of sustained growth, the state is leading the nation in terms of job growth, and the state’s unemployment rate remains below the national average.
Following the release of the August 2018 employment numbers for the state of Utah, the U.S. Bureau of Labor Statistics data shows Utah is ranked No. 1 for total job growth in the U.S. at 3.7 percent. In addition, Utah is ranked No. 3 for private sector job growth at 3.9 percent. For unemployment, Utah is ranked No. 13 at 3.1 percent
Utah’s nonfarm payroll employment for August 2018 grew by an estimated 3.7 percent, adding 54,700 jobs to the economy since August 2017. Utah’s current employment level registers 1,517,800. July’s year-over job growth rate was revised upward one-tenth to 4.0 percent.
August’s seasonally adjusted unemployment rate remained unchanged from the prior month at 3.1 percent. Approximately 49,800 Utahns were unemployed during the month and actively seeking work. The national unemployment rate also remained unchanged from the prior month at 3.9 percent.
“Utah’s labor market continues to perform at an optimal level with the addition of almost 55,000 jobs over the last year,” reported Carrie Mayne, chief economist at the Department of Workforce Services. “The state’s labor force continues to grow and is quickly absorbed into the employment rolls by Utah’s expanding businesses.”
Utah’s private sector employment grew by 3.9 percent year-over with the addition of 47,600 positions. Nine of the 10 private sector industry groups measured in the establishment survey posted net job increases in August, while Natural Resources and Mining lost 200 jobs year-over. The largest private sector employment increases were in Trade, Transportation, and Utilities (13,700 jobs); Education and Health Services (7,200 jobs); and Leisure and Hospitality (7,100 jobs). The fastest employment growth occurred in Trade, Transportation, and Utilities (4.9 percent); Leisure and Hospitality (4.8 percent); and Manufacturing (4.4 percent).
BLS data shows Utah rankings as follows:
(1) Utah – 3.7 percent
(2) Nevada – 3.5 percent
(3) Washington – 3.4 percent
PRIVATE SECTOR JOB GROWTH
(1) Oregon – 4.1 percent
(2) Wyoming – 4.0 percent
(3) Utah – 3.9 percent
UNEMPLOYMENT RATE
(1) Hawaii – 2.1 percent
(2) Iowa – 2.5 percent
(3) North Dakota – 2.6 percent
(4) New Hampshire – 2.7 percent
(5) Idaho – 2.8 percent
(5) Nebraska – 2.8 percent
(5) Vermont – 2.8 percent
(8) Colorado – 2.9 percent
(8) Minnesota – 2.9 percent
(10) South Dakota – 3.0 percent
(10) Virginia – 3.0 percent
(10) Wisconsin – 3.0 percent
(13) Utah – 3.1 percent
Statistics are generated by the U.S. Bureau of Labor Statistics modeled from monthly employer (employment) and household (unemployment) surveys.
Additional analysis and tables can be found at jobs.utah.gov/wi/update/index.html.
