New numbers suggest Utah job-growth slowdown

Job growth in Utah seems to be slowing as year-over-year numbers are coming up a few tenths of a point below previous months. Utah’s nonfarm payroll employment for November grew by an estimated 2.9 percent, adding 43,000 jobs to the economy since November 2017, meaning Utah’s current employment level rose to 1,542,600.{mprestriction ids="1,3"}

Meanwhile, November’s seasonally adjusted unemployment rate remained unchanged from the prior month at 3.2 percent. Approximately 50,000 Utahns were unemployed during November and actively seeking work. The national unemployment rate also remained unchanged from October at 3.7 percent.

“Utah’s job growth continues to exhibit some softening as the year-over growth declines a few tenths of a percentage from prior months,” said Carrie Mayne, chief economist at the Department of Workforce Services. “Work opportunities remain plentiful, however, so the slight slowing may be due to the prolonged low unemployment rate as tight labor supply can restrain potential job growth.”

Utah’s private-sector employment grew by 3 percent year-over-year with the addition of 37,200 positions. Eight of the 10 private-sector industry groups measured in the survey posted net job increases in November, while natural resources and mining lost 100 jobs year-over-year and the information industry lost 400. The largest private-sector employment increases were in trade, transportation and utilities (14,500 jobs); education and health services (6,400 jobs); and manufacturing (5,600 jobs). The fastest employment growth occurred in trade, transportation and utilities (5.1 percent); manufacturing (4.3 percent); and other services (3.8 percent).{/mprestriction}