BUSINESS + ECONOMY

Unemployment holding steady in July jobs report

Aug 18, 2023, 7:38 AM | Updated: 8:00 am

SALT LAKE CITY -- Utah added 49,300 jobs since July of last year, according to the recent jobs repo...

A person walks past a sign advertising job openings in a retail store in New York, New York, USA, 20 October 2021. The U.S. economy is continuing to struggle with the ongoing effects of the coronavirus pandemic as the U.S. Labor Department reporting weaker than expected job growth in September, in part because of difficulties filing open jobs, as well as ongoing concerns about inflation and supply chain disruptions. (JUSTIN LANE/EPA-EFE/Shutterstock (12546781f))

(JUSTIN LANE/EPA-EFE/Shutterstock (12546781f)

SALT LAKE CITY — Utah added 49,300 jobs since July of last year, according to the recent jobs report released by the Utah Department of Workforce Services Friday morning. 

Employment increased about 3% with unemployment at 2.4%. The current job count stands at 1,720,300.

The Department of Workforce Services Deputy Director Nate McDonald said Utah’s continuing to hold steady.

“We’re just seeing our economy moving on a continual pace, holding steady and still seeing opportunities for people if they’re looking out there.”

A look into jobs report sectors

McDonald noted the leisure and hospitality sector had the largest growth this month.

Utah saw 17,500 jobs added in that sector in the year, quite a bit more than the second-highest industry, education and services, at about 10,000 jobs.

“July is one of our heavier travel and lodging hospitality months,” McDonald explained. “So it’s not a surprise that we’d see so many new jobs in that industry.”

Mcdonald also pointed out that this was the first month in a while that the financial sector did not see negative job loss. However, he said that’s because we’re beginning to compare the growth to the time last year when the industry saw a significant loss.

“So the fact that we’re a little bit higher than last year doesn’t necessarily mean it’s rebounding yet,” he said. 

Is Salt Lake City overworked?

Though the jobs report does not necessarily show how many Utahns are working second or third jobs, McDonald said they can find out through labor market information. He said they have seen a rise in people working second jobs. 

Mcdonald said Utah is at a 14-year high in labor participation. That is, in part, because of growing opportunities and rising wages. However, it’s also because inflation is changing the way people approach work. 

“People have needed to step back in and come back in and look for opportunities,” he said. “Whether that’s a first job or a new job, or a second job to bring in more income to the household.”

Related: June jobs report shows Utah’s unemployment stays steady

 

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Unemployment holding steady in July jobs report