Economy stays steady, jobless rate up slightly, job growth good

Utah’s unemployment rate inched up slightly in June to 2.4 percent, one-tenth of a percentage point higher than May’s 2.3 percent. That figure means an estimated 42,600 employable Utahns are out of work.

Nationally, the jobless rate dipped slightly from 3.7 percent to 3.6 percent.

Over the past 12 months, the state’s nonfarm payroll employment has increased an estimated 3.2 percent, with the state’s economy adding a cumulative{mprestriction ids="1,3"} 54,200 jobs since June 2022. The current number of Utahns holding jobs stands at about 1,726,500.

“Not much has really changed in the{mprestriction ids="1,3"} Utah economy through the first half of 2023,” said Mark Knold, chief economist at the Utah Department of Workforce Services. “Job growth is still strong and the unemployment rate remains very low. One thing that has changed is the labor force participation rate. The percentage of Utahns 16 and older who are either working or looking for work has risen to a 14-year high. At 69.6 percent, such a level was last seen in 2009. Abundant job opportunities and aggressive wages have prompted more people to consider stepping forward and entering the Utah job market.”

Utah’s June private-sector employment recorded a year-over-year expansion of 3.3 percent — a 47,300-job increase. Nine of 10 major private-sector industry groups posted net year-over-year job gains, led by leisure and hospitality services (up 17,000 jobs), education and health services (up 11,200 jobs), construction (up 6,400 jobs) and professional/business services (up 4,900 jobs). The only sector with an over-the-year employment contraction is financial activities, which was down 700 jobs. Additional employment data tables and analysis, including county unemployment rates, can be accessed at https://jobs.utah.gov/wi/update/index.html.{/mprestriction}