Unemployed rate inching back up

The Utah seasonally adjusted unemployment rate crept back up a couple of tenths of a percentage point in January to 2.4 percent, according to data released by the Utah Department of Workforce Services (DWS).

Meanwhile, the national jobless rate continued to drop, settling at 3.4 percent in January, the U.S. Bureau of Labor Statistics said in its monthly report.

Utah’s nonfarm payroll employment increased an estimated 2.8 percent over the past year, adding a cumulative 46,400 jobs since{mprestriction ids="1,3"} January 2022. The state currently has an estimated 1,680,400 people holding jobs.

“Utah begins the new year right where the old one left off, with a strong economy employing large amounts of new labor,” said Mark Knold, the DWS chief economist. “Each year in January, the Bureau of Labor Statistics reviews the past year’s employment rates and makes revisions based on updated information. The year-end revisions for 2022 show an economy that grew more rapidly than originally estimated. Interestingly, the unemployment rates for 2022 were revised slightly upward. This shows that more people were looking for work last year. This is a reflection on the strength of the 2022 economy as more people felt confident to go looking for a job. It also helps to explain how the economy continued to grow in the face of limited labor availability.”

Utah’s January private-sector employment recorded a year-over-year expansion of 2.9 percent, or a 40,600-job increase. Nine of 10 major private-sector industry groups posted net year-over-year job gains, led by professional and business services (up 9,300 jobs); trade, transportation and utilities (up 7,500 jobs); construction (up 7,300 jobs); and leisure and hospitality services (up 6,800 jobs). The only sector that has lost jobs over the past year is in financial activities with a loss of about 2,500 positions.

Additional employment data tables and analysis, including county unemployment rates, can be accessed at https://jobs.utah.gov/wi/update/index.html.{/mprestriction}