Splitting the Economy between Goods and Services



By Mark Knold, Senior Economist


An economy can be segmented into various industrial divisions. One of the simplest is into private sector goods-producing and private sector service-providing segments. By saying “private sector” we are implying a third segmentation, that being government employment (i.e., public sector). But the private sector is the tangible driver of an economy; therefore, it is informative to isolate upon the private sector.


As the name implies, the goods-producing segment features the production of a physical good. These usually come out of the mining, construction, or manufacturing industries; thus, these industries are the goods-producing segment. In contrast, the service-providing segment does not produce physical goods but instead provides services to consumers or businesses within the economy. Some of these might be the sale, repair, maintenance, or distribution of the goods-production products, but that is different than the production of the physical product itself. More...






Utah's Employment Summary: December 2018



Utah’s employment for December 2018 grew by an estimated 3.1 percent, adding 47,200 jobs to the economy since December 2017. Utah’s current employment level registers 1,542,600. No revisions were made to November’s job growth rate.


December’s seasonally adjusted unemployment rate remained unchanged from the prior month at 3.2 percent. Approximately 49,900 Utahns were unemployed during the month and actively seeking work. The national unemployment rate increased two tenths of a percentage point from last month to 3.9 percent. More...





Utah's Employment Summary: November 2018



For November 2018, Utah’s employment grew by an estimated 2.9 percent, adding 43,000 jobs to the economy since November 2017. Utah’s current employment level registers 1,542,600. October’s year-over job growth rate was revised upward one-tenth to 3.3 percent.


November’s seasonally adjusted unemployment rate remained unchanged from the prior month at 3.2 percent. Approximately 50,000 Utahns were unemployed during the month and actively seeking work. The national unemployment rate also remained unchanged from last month at 3.7 percent. More...