As nation's jobless rate inches upward, Utah's stays steady

Utah’s unemployment rate remained steady in October at 2.1 percent, the Utah Department of Workforce Services reported. The figure means about 37,300 job-eligible Utahns are not working.

The October national unemployment rate increased two-tenths of a percent to 3.7 percent, according to the U.S. Bureau of Labor Statistics.{mprestriction ids="1,3"}

The department also reported that Utah’s nonfarm payroll employment for October increased an estimated 3.1 percent over the past 12 months, with the state’s economy adding a cumulative 50,600 jobs since October 2021. Utah’s current job count stands at 1,690,000.

“We are two and one-half years beyond the onset of the COVID pandemic,” said Mark Knold, chief economist at the Department of Workforce Services. “The Utah economy continues to be one of the nation’s best-performing state economies. Labor markets are tight across the nation, even to the point of restricting growth in many states. But not in Utah. An unemployment rate of 2.1 percent does signal that the Utah labor market is extremely tight. Yet the economy continues to grow at a vigorous pace. It speaks to both the fortitude and attractiveness of Utah’s economy. Only a strong flow of labor in-migration can support a low unemployment rate economy growing at this pace.”

Utah’s October private-sector employment recorded a year-over-year expansion of 3.4 percent, or an increase of 46,900 jobs. Seven of 10 major private-sector industry groups posted net year-over-year job gains, led by construction (up 15,100 jobs); trade, transportation, utilities (up 11,300 jobs); education and health services (up 9,700 jobs); and leisure and hospitality (up 9,100 jobs). Three sectors had employment contractions: financial activities (down 2,000 jobs), professional and business services (down 1,500 jobs) and other services (down 400 jobs).{/mprestriction}