Utah’s Employment Summary: February 2023


SALT LAKE CITY (March 24, 2023) — Utah’s nonfarm payroll employment for February 2023 increased an estimated 2.8% across the past 12 months, with the state’s economy adding a cumulative 46,000 jobs since February 2022. Utah’s current job count stands at 1,701,000.

February’s seasonally-adjusted unemployment rate is estimated at 2.4%. Approximately 42,300 Utahns are unemployed. January’s unemployment rate is unrevised at 2.4%. The February national unemployment rate moved upward to 3.6%. More...



Utah’s Employment Summary: January 2023



SALT LAKE CITY (March 1, 2023) — Utah’s nonfarm payroll employment for January 2023 increased an estimated 2.8% across the past 12 months, with the state’s economy adding a cumulative 46,400 jobs since January 2022. Utah’s current job count stands at 1,680,400.


January’s seasonally-adjusted unemployment rate is estimated at 2.4%. Approximately 42,600 Utahns are unemployed. The January national unemployment rate has lowered to 3.4%. More...





Economic Distress Relatively Low in Utah



By Michael Jeanfreau, Senior Economist

The United States economy is anticipating1 a recession sometime in 2023. The Federal Reserve (Fed) is hiking interest rates and increasing the cost of doing business to curb demand in an effort to aggressively combat uncomfortably high inflation. Gross Domestic Product (GDP) growth is beginning to falter and businesses are cutting back on investment while the unemployment rate is no longer trending downward. During both recessions in recent memory, the Great Recession and the Pandemic Recession, economic fallout was felt across the world.

At the onset of a recession, households may experience a variety of negative effects, including job loss and income reduction, more difficult debt management, and difficulty in obtaining credit. This can lead to increased financial stress and difficulty making ends meet. Some households may also experience a decrease in wealth due to declines in stock prices and other investments. Thus, recessions can lead to increased economic hardship and poverty. More...