February 2015 continued the trend of strong economic indicators for Utah's workforce and businesses. Jobs grew by an estimated 4.2 percent, adding 56,100 jobs to the economy as compared to February 2014. Utah's current employment level registers 1,356,300.
The unemployment rate for February remained on par with January 2015, measuring 3.4 percent. Approximately 49,400 Utahns were unemployed and actively seeking work. The national unemployment rate dropped two-tenths of a percentage point to 5.5 percent for the month.
"Maintaining high job growth and low unemployment shows that Utah still has excess labor supply from which to fill new positions," reported Carrie Mayne, Chief Economist at the Department of Workforce Services. "The labor market is expected to eventually tighten, but for now expansion comes with little upward pressure on wages."
Nine of the 10 private sector industry groups measured in the establishment survey posted net job increases in February as compared to last year, while Natural Resources and Mining showed a contraction of 1.7 percent. The largest private sector employment increases were in:
- Trade, Transportation, and Utilities (13,200 jobs)
- Professional and Business Services (9,400 jobs)
- Leisure and Hospitality (8,000 jobs)
The fastest employment growth occurred in:
- Construction (9.4 percent)
- Leisure and Hospitality (6.4 percent)
- Information (5.5 percent)
Carrie Mayne explains the data in this quick video:
For more information visit our Labor Market Employment Update web pages.