Utah's 'near-full' employment rate stays steady

Utah’s unemployment rate held steady in February at 3.1 percent, according to figure released last week by the Utah Department of Workforce Services (DWS). Although 47,500 Utahns were unemployed during the month and actively seeking work, economists consider 3.1 percent as near-full employment.

The number of people employed in Utah has grown by 3.3 percent in the past year, resulting in about 45,700 jobs being added to the economy during that period. Approximately 1,445,000 people currently hold jobs in the state.

“Utah’s monthly labor market indicators continue to show the economy operating at or near-full employment,” said Carrie Mayne, chief economist at DWS. “For the first two months of 2017, the state had fewer unemployed persons than the 2016 monthly average of 51,800.”

Eight of the 10 private sector industry groups measured in the survey posted increases in February compared to last year, while the natural resources and mining industry decreased by 800 positions and the information industry shed 600 positions. The largest private sector employment increases were in trade, transportation and utilities (11,500 jobs); professional and business services (8,200 jobs); and education and health services (7,200 jobs). The fastest growth occurred in the other services category (4.4 percent); trade, transportation and utilities (4.3 percent); and professional and business services (4.2 percent).