Unemployment kept inching down in January

Utah’s effective unemployment just keeps going down, declining another one-tenth of one percent in January to 3.1 percent. Although most economists consider such a number near full employment, the Utah Department of Workforce Services reported that approximately 47,800 Utahns were still looking for work in January. On the other hand, 1,431,800 held jobs.

Utah’s nonfarm payroll employment for January grew by an estimated 3.2 percent over the previous year, adding 43,800 jobs to the economy since January 2016.

The national unemployment rate increased one-tenth of a percentage point from December to 4.8 percent.

“Our state begins the new year on strong economic footing,” said Carrie Mayne, chief economist at the Department of Workforce Services. “Looking back, benchmark revisions for 2016 show Utah’s annual average job growth estimate at 3.6 percent (49,100 jobs) and unemployment at 3.5 percent.”

Nine of the 10 private sector industry groups measured in the establishment survey posted net job increases in January as compared to last year, while the natural resources and mining industry decreased by approximately 1,000 positions. The largest private sector employment increases were in trade, transportation and utilities (9,700 jobs); education and health services (6,600 jobs); and leisure and hospitality services (6,100 jobs). The fastest employment growth occurred in leisure and hospitality services (4.6 percent); construction (4.5 percent); and trade, transportation and utilities (3.7 percent).