SALT LAKE CITY (October 18, 2024) — Utah’s nonfarm payroll employment for September 2024 increased an estimated 1.8% across the past 12 months, with the state’s economy adding a cumulative 32,100 jobs since September 2023. Utah’s current job count stands at 1,769,700. 

September’s seasonally adjusted unemployment rate is estimated at 3.5%. Approximately 62,500 Utahns are unemployed. Utah’s August unemployment rate is unrevised at 3.3%. The September national unemployment rate decreased one-tenth of a percentage point to 4.1%. More...

By Michael Jeanfreau,  Senior Economist

In today’s data-driven world, understanding local economic conditions is crucial. However, a significant challenge in workforce data analysis is the occasional lack of detail to address specific questions. Broad trends and patterns can be observed across large regions or groups, but zooming in on smaller areas or particular demographic segments remains difficult. For instance, while general employment trends in a state may be apparent, discerning the nuances of what happens in a small town or among a specific group of workers can be challenging. This gap in detail hampers the ability to tailor solutions or policies that meet the unique needs of these smaller or specific groups. More...

By Gwen Kervin

Since March of 2022, the Federal Reserve has been raising interest rates in an attempt to cool inflation and slow the economy. However, so far, the effect on Utah’s labor market has been minimal. Constricted labor markets following the COVID pandemic caused employers to have a hard time filling open positions. Because employers struggled to find workers, a large gap developed in unmet labor demand. This elevated wages, which in turn lured marginal workers into the labor force, helping to fill some of the vacancies. While Utah continues to turn in job growth numbers, growth rates have come down from the highs experienced in 2021 and 2022, resulting in a reduction in the unmet labor gap. Because of this, any additional Fed rate moves could have a more immediate influence on the Utah labor market going forward. More...