BUSINESS + ECONOMY

May’s Utah employment report showing signs of inflation impact

Jun 17, 2022, 10:36 AM | Updated: 10:43 am
A now hiring sign in an Arby's window.; the Utah employment summary for May showed a slight slowing...
A “now hiring” sign at an Arby’s in Salt Lake City on Thursday, Dec. 30, 2021. Photo credit: (Scott G. Winterton/Deseret News.)
(Scott G. Winterton/Deseret News.)

SALT LAKE CITY — The Utah Department of Workforce Services released its May 2022 employment summary Friday morning.

The unemployment rate for the month landed at 2.0% compared to last month’s rate of 1.9%. Utah’s rate continued to sit below the national average, which came in at 3.6%.

Utah’s current job count tallied 1,662,300, a 3.5% increase in the past 12 months.

“Utah’s economic performance continues to push along at a strong pace,” said Mark Knold, Chief Economist at the Department of Workforce Services.

“The unemployment rate remains at a historically low level, and job growth is still one of the nation’s best. The job growth rate has been abating as the year has progressed. This is expected and is a reflection of the current performance compared to a Utah economy that was rapidly improving a year ago. As this year progresses, the more the economy improves from a year ago, the more this year’s job growth will trend downward. We anticipate that by later this year Utah’s job growth rate will be around its yearly average of 3.0%.”

The report showed private-sector employment recorded a 50,100 job increase over the past 12-month period led by Trade, Transportation, Utilities, Leisure and Hospitality, Construction and Education and Health Services.

Nate McDonald, deputy director of the Utah Department of Workforce Services, noted that job growth slowed slightly.

“Job growth slowed a little bit as well, it went from 3.8% to 3.5%,” said Mcdonald, adding, “You can’t sustain job growth at a high level when your unemployment rate is at 1.9% and 2%…You’re going to see some slowing and that’s just what we’re seeing happen there.”

The slowing of the economy wasn’t unexpected, according to Knold.

“The private sector growth rate slowed by an unexpectedly large amount; five-tenths of a percentage point.”

Knold noted that the percentage point declines aren’t a lot but pointed out that the trend gives a wider picture. 

“May largely represents the first month that we are starting to get a full impact view of how higher gas prices and higher inflation and the fed increasing interest rates may be impacting Utah’s economy,” Knold said.

Kate Davis contributed to the reporting of this story.

Related:

Today’s Top Stories

Business + Economy

FILE - In this April 14, 2020 file photo, the thumbs up Like logo is shown on a sign at Facebook he...
Brian Fung, CNN

Meta threatens to remove news content over US journalism bargaining bill

Meta threatened to remove news content from its platforms on Monday following reports of lawmakers adding controversial legislation favoring news media.
1 day ago
NEW YORK, NEW YORK - MAY 02: 
  Elon Musk attends The 2022 Met Gala Celebrating "In America: An Ant...
Ramishah Maruf, CNN

Elon Musk speaks out on ‘Twitter Files’ release detailing platform’s inner workings

Originally Published: 04 DEC 22 09:38 ET     (CNN) — Twitter owner Elon Musk spoke out on Saturday evening about the so-called “Twitter Files,” a long tweet thread posted by journalist Matt Taibbi, who had been provided with details about behind-the-scenes discussions on Twitter’s content moderation decision-making, including the call to suppress a 2020 New York […]
2 days ago
Both Utah rail workers and Utah farmers expressed relief that a threatened rail strike was averted ...
Hugo Rikard-Bell

Union Pacific, Utah farmers, relieved threat of strike has passed

Union Pacific Railroad representatives said claims about days off, made by workers threatening to strike, were outright false.
4 days ago
The owners of long-time local favorite, Hell's Backbone Grill and Farm, thought they would have to ...
Hugo Rikard-Bell

Fiercely self-sufficient Hell’s Backbone cafe owners turn to public for help

The Hell's Backbone Grill and Farm owners were persuaded by friends and supporters to not give up. It looks to have worked.
4 days ago
A new Utah population estimate finds that most of the people that moved to or within Utah between J...
Simone Seikaly

Utah population update: 60K+ people have moved here since 2021

The Utah population spike noted this year is the greatest increase in 16 years. However, growth is expected to decline going forward.
4 days ago
Help wanted sign is displayed in Deerfield, Ill., Wednesday, Sept. 21, 2022.  The number of availab...
Alicia Wallace, CNN Business

US economy added a robust 263,000 jobs in November

The unemployment rate held steady at 3.7%, according to the latest monthly jobs snapshot from the Labor Department, released Friday morning.
4 days ago

Sponsored Articles

Spicy Homemade Loaded Taters Tots...
Macey's

5 game day snacks for the whole family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...
Sorenson

The best tools for Deaf and hard-of-hearing workplace success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Team supporters celebrating at a tailgate party...
Macey's

8 Delicious Tailgate Foods That Require Zero Prep Work

In a hurry? These 8 tailgate foods take zero prep work, so you can fuel up and get back to what matters most: getting hyped for your favorite
christmas decorations candles in glass jars with fir on a old wooden table...
Western Nut Company

12 Mason Jar Gift Ideas for the 12 Days of Christmas [with recipes!]

There are so many clever mason jar gift ideas to give something thoughtful to your neighbors or friends. Read our 12 ideas to make your own!
wide shot of Bear Lake with a person on a stand up paddle board...

Pack your bags! Extended stays at Bear Lake await you

Work from here! Read our tips to prepare for your extended stay, whether at Bear Lake or somewhere else nearby.
young boy with hearing aid...
Sorenson

Accommodations for students who are deaf and hard of hearing

These different types of accommodations for students who are deaf and hard of hearing can help them succeed in school.
May’s Utah employment report showing signs of inflation impact