By Michael Jeanfreau, Regional Economist
What is the Great Resignation?
Through almost half of 2021 (1), a record number of Americans quit their jobs. This mass movement of workers has been called “The Great Resignation.” Anthony Klotz, an associate professor of management at Texas A&M University, originally used the term in an article when he predicted the exits back in May 2021 (2). After more than a year of uncertainty, rapid changes in the work environment and adjustments to new social norms caused Klotz to speculate that there were “pent-up resignations that didn’t happen over the past year,” and that there would be a reckoning later in the year. More...
SALT LAKE CITY (June 17, 2022) — Utah’s nonfarm payroll employment for May 2022 increased an estimated 3.5% across the past 12 months, with the state’s economy adding a cumulative 55,500 jobs since May 2021. Utah’s current job count stands at 1,662,300.
May’s seasonally-adjusted unemployment rate is estimated at 2.0%, with approximately 34,100 Utahns unemployed. April’s unemployment rate remains unrevised at 1.9%. The May national unemployment rate held steady at 3.6%. More...
By Ben Crabb, Regional Economist
In terms of jobs and job growth, Utah has weathered the COVID-19 pandemic better than most states. For the 25 months spanning February 2020, just before the pandemic hit, through March 2022, Utah added more than 80,000 jobs and a 5.1% growth rate — the highest in the nation. During the same time period, the nation, as a whole, experienced a 0.7% jobs contraction.
As the pandemic’s economic effects wane, a central issue now facing employers nationwide is the limited availability of labor. Unemployment rates in many areas are near historic lows and the ratio of job openings to unemployed workers is historically high. Despite these headwinds, the Utah economy continues to find workers and add jobs. While some workers are those returning to the labor force after a temporary separation, many others are new arrivals to Utah. Still others are young workers aging into the labor market for the first time. These labor pipelines are important fuel for Utah’s economic expansion. More...