July’s unemployment remains steady
The report showed Utah’s economy added a cumulative 56,600 jobs in the last 12 months. Utah’s current job count sits at 1,664,300.
The unemployment rate for the month stayed at 2.0% compared to the national rate of 3.5%. Utah’s rate has stayed steady for the last three months. The report showed approximately 35,300 Utahns are currently unemployed.
“High inflation and now two consecutive quarters of declining national Gross Domestic Product (GDP) would normally be accompanied by lowering job counts” said Mark Knold, Chief Economist at the Department of Workforce Services.
“But neither is the case at both the national and state levels where job growth was aggressive in July. There are developments occurring across the nation in the labor market that are diverging from past performance. Nationally, baby boomers are leaving the labor force faster than new ones are entering.”
Knold continued, “This is producing unfilled jobs, lowering GDP, making labor searches difficult, and contributing to higher inflation through increased wage bidding. This labor deficit is why negative GDP change is not morphing into a jobs” recession.”
Industries with job growth
Utah’s July private sector employment recorded a year-over-year expansion of 3.9%, or a 56,600 job increase. The industries with the largest gains included, trade, transportation, utilities, leisure and hospitality, education and health services and construction.
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