Jobless rate stays put at 2 percent

Although almost 35,000 Utahns are still technically unemployed, the state’s 2 percent unemployment rate for June is at a level most economists consider full employment — a condition where all those who are willing and able to work have a job. The seasonally adjusted jobless rate for June, reported last week, was unchanged from May.

The national unemployment rate was also unchanged from May to June, holding steady at 3.6 percent.{mprestriction ids="1,3"}

Utah’s nonfarm payroll employment for June increased an estimated 3.5 percent since June 2021, according to a report released by the Department of Workforce Services. The state’s economy added a cumulative 56,300 jobs in the past 12 months, resulting in a current total job count of 1,666,300.

“Inflation is the most pressing economic issue before the economy,” said Mark Knold, chief economist at the Department of Workforce Services. “At such high levels, there is always concern that high inflation will find a way to weaken the economy. So far though, there is no evidence that such is happening in Utah. Job growth remains strong and the unemployment rate is very low and little-moved across the past six months. New unemployment insurance claims remain tame. That measurement is oftentimes the first indicator that something is weakening in the economy. But again, largely no movement at all is happening there.”

Utah’s June private-sector employment recorded a year-over-year expansion of 3.9 percent or a 52,800-job increase. All 10 of Utah’s major private-sector industry groups posted net year-over-year job gains, led by trade, transportation and utilities (up 12,800 jobs); construction (up 10,300 jobs); leisure and hospitality (up 8,900 jobs); and education and health services (up 7,100 jobs).{/mprestriction}