Unemployment rate holds steady at 2.4 percent

While economic conditions across the U.S, including continuing inflation, have cause unemployment to nudge upward over the past several weeks, Utah jobless rate held steady from January to February at 2.4 percent, according to figures released by the Utah Department of Workforce Services (DWS).

The nationwide unemployment rates began to rise again in February, ending the month up two-tenths of a percentage point at 3.6 percent.

DWS also reported that Utah’s nonfarm payroll employment for February was{mprestriction ids="1,3"} up an estimated 2.8 percent from a year ago. The state’s economy added a cumulative 46,000 jobs since February 2022, bringing Utah’s current job count to approximately 1,701,000.

“Little has changed between the January and February economic measurements,” said Mark Knold, DWS’ chief economist. “Year-over job growth is 2.8 percent for February and 2.9 percent for January. Both months have an unemployment rate of 2.4 percent. The economy has been resilient, to say the least. The Federal Reserve raised interest rates throughout most of last year as a deliberate action designed to slow the economy. Yet job growth remains vibrant in both Utah and the United States and unemployment is excessively low. Many expect that more economic challenges lie ahead, so the economy’s resiliency will continue to be tested.”

Utah’s February private-sector employment recorded a year-over-year expansion of 2.9 percent or a 40,000-job increase, the DWS report said. Nine of 10 major private-sector industry groups posted net year-over-year job gains, led by leisure and hospitality services (up 9,400 jobs), education and health services (up 8,600 jobs), construction (up 6,900 jobs) and professional and business services (up 6,200 jobs). The only sector with an year-over-year employment contraction is financial activities with 2,200 jobs lost.

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