The seasonally-adjusted unemployment rate, Utah’s other primary indicator of current labor market conditions also generated by BLS, registered 7.4 percent. Last month the rate was 7.6 percent, and a year ago the state’s rate was 7.6 percent. Approximately 99,400 Utahns are considered unemployed. The United States unemployment rate, compared to last month, is unchanged at 9.1 percent.
There are encouraging signs coming from the Utah economy. Even with many restraining economic factors still prevalent in the national economy, Utah is currently able to produce an employment growth rate approaching its long-term average of 3.1 percent. This stands in contrast to the current U.S. employment growth rate of 1.1 percent. The question arises as to why Utah can achieve a higher growth rate. The answer seems to lie in persistent Utah labor force growth and the positive pressure that bears upon the economy.
For a full copy of the report, click here.
