Labor market strong, jobless rate unchanged

Utah’s job situation continues to be strong, with most people desiring to work being able to find employment. The state’s unemployment rate stayed steady in March at 2.4 percent for the third consecutive month, up slightly from November and December when the rate was 2.2 percent. That means approximately 41,700 Utahns are unemployed.

The nation’s jobless rate, meanwhile, dropped one-tenth of a point to 3.5 percent.

Utah’s nonfarm payroll employment for March increased an{mprestriction ids="1,3"} estimated 2.7 percent from a year ago, with the state’s economy adding a cumulative 44,100 jobs since March 2022. Utah’s current job count stands at approximately 1,705,400.

“The Utah labor market continues to show strength through the first three months of 2023,” said Department of Workforce Services’ chief economist Mark Knold. “Layoffs remain low and finding adequate labor to fill open jobs remains a challenge. In spite of this challenge, the state’s labor force continues to find a supply of workers. During the past year, Utah’s economy added 44,100 new jobs. However, we are seeing the rate of job openings coming down from the COVID-era peak of a year ago. The rate of job openings is still higher than anything seen before the pandemic. Available jobs are still plentiful.”

Utah’s March private-sector employment recorded a year-over-year expansion of 2.7 percent, a 37,400-job increase. Nine of 10 major private-sector industry groups posted net year-over-year job gains, led by education and health services (up 10,300 jobs), leisure and hospitality services (up 7,500 jobs), construction (up 5,900 jobs) and professional and business services (up 5,600 jobs). The only sector with a year-over-year employment contraction is financial activity with a loss of 2,400 jobs.

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