Steady as she goes: Jobless rate stays at 2%

Even as the national unemployment rate began to creep back up in August, Utah joblessness remained at 2 percent for the fourth consecutive month, meaning that approximately 35,500 Utahns weren’t working during the month.

The nation’s jobless rate was up two-tenths of a percentage point to 3.7 percent in August.{mprestriction ids="1,3"}

And Utah’s economy continues to add jobs, according to the monthly report from the Utah Department of Workforce Services (DWS). The state’s nonfarm payroll employment for August was up an estimated 3.4 percent over the past 12 months, with the state’s employers adding a cumulative 54,400 jobs since August 2021. Utah’s current job count stands at 1,673,200.

“This month’s economic data continues to hold strong in the face of national dialogue about inflation and other economic hurdles,” said Mark Knold, chief economist at the DWS. “Both the national and Utah jobs data are robust and show that hiring remains strong. The national unemployment rate moved up a little, but when said rates are as low as they currently are, small upward movements are not viewed as a concern. Utah’s rate remained unchanged at 2.0 percent. This is the fourth straight month that Utah’s unemployment rate has been at 2.0 percent.”

Utah’s August private-sector employment recorded a year-over-year expansion of 3.7 percent for a 50,800-job increase. Eight of Utah’s 10 major private-sector industry groups posted net year-over-year job gains, led by trade, transportation and utilities with a 12,200-job jump; education and health services (up 11,500 jobs); construction (up 10,700 jobs); and leisure and hospitality (up 10,200 jobs). The two sectors with job contractions were financial activities with a 2,500-job loss and professional and business services, which was down 600 jobs.{/mprestriction}