Projected Replacement Openings Increase Dramatically
By Lecia Parks Langston, Senior Economist
“The most reliable way to forecast the future is to try to understand the present.” -John Naisbitt
The Utah Department of Workforce Services regularly releases industry and occupational projections to assist Utahns making career, education and business-planning decisions. We’ve marginally tweaked the projections methodology over the decades; but, “the time’s they are a-changin.” With the release of our new short-term projections in March, you might notice significant upward movement in the number of projected openings. We believe the result improves our occupational projections.
Utah has adopted the new estimation methodology implemented by the U.S. Bureau of Labor Statistics in its recent 2016-2026 national occupational projections roll-out. What does this mean for Utah’s upcoming occupational projections? More...
By Mark Knold, Supervising Economist
Several runners are engaged in a race. They move along, jockeying for position when they all stumble into a ditch. Most runners crash hard; others don’t. One twists an ankle and struggles to return. Another badly bruises a shin and limps due to pain. Yet, another scuffs a knee, gets up quickly and surmounts his fellow runners. Such is the case with the Utah economy and the ditch we called the Great Recession.
This yarn was contrived to illustrate what happened to Utah’s economy from the Great Recession’s onset to now. Based upon employment across 10 years, Utah has grown from the 33rd largest state economy to the 31st. Utah has passed Nevada and Kansas with Iowa not far ahead. More...
December 2017 employment in Utah grew by an estimated 2.7 percent, adding 38,800 jobs to the economy since December 2016. Utah’s current employment level registers 1,497,600. November’s year-over job growth was revised from 2.9 percent to 2.8 percent.
December’s seasonally adjusted unemployment rate dropped one-tenth of a percentage point from the prior month to 3.1 percent. Approximately 49,700 Utahns were unemployed during the month and actively seeking work. The national unemployment rate remained unchanged from November at 4.1 percent. More...