Jobless rate ticks down

Utah’s unemployment rate is among the lowest and most stable in the nation. It ticks up or down slightly from month to month and in October, it ticked back down one-tenth of a percentage point to 3.3 percent.

The national unemployment rate also dropped one-tenth of a percentage point from September to October and now sits at 4.1 percent.

Utah’s nonfarm payroll employment for October grew by an estimated 2.7 percent, adding 39,400 jobs to the economy since October 2016. Utah’s current employment level sits at 1,492,600. September’s year-over job growth has also been revised from 2.4 percent to 2.7 percent.

{mprestriction ids="1,3"}“Employment trends in Utah have moderated slightly but continue to show notable expansion,” said Carrie Mayne, chief economist at the Department of Workforce Services. “Unemployment remains low, indicating that opportunities for employment are meeting the needs of job seekers.”

Utah’s private sector employment grew by 2.9 percent year-over with the addition of 34,800 positions. Eight of the t0 private sector industry groups measured in the establishment survey posted net job increases in October as compared to last year. The natural resources and mining sector decreased by 300 positions and the information industry lost 1,000 positions. 

The largest private sector employment increases were in professional and business services (10,000 jobs); trade, transportation and utilities (6,200 jobs); and education and health services (5,500 jobs). The fastest employment growth occurred in other services (6.1 percent); professional and business services (4.8 percent); and construction (4.5 percent).{/mprestriction}