SALT LAKE CITY (Sept. 16, 2022) — Utah’s nonfarm payroll employment for August 2022 increased an estimated 3.4% across the past 12 months, with the state’s economy adding a cumulative 54,400 jobs since August 2021. Utah’s current job count stands at 1,673,200.

August’s seasonally-adjusted unemployment rate is unchanged at 2.0%. Approximately 35,500 Utahns are unemployed. The August national unemployment rate rose two-tenths of a percent to 3.7%. More...

SALT LAKE CITY (Aug. 19, 2022) — Utah’s nonfarm payroll employment for July 2022 increased an estimated 3.5% across the past 12 months, with the state’s economy adding a cumulative 56,600 jobs since July 2021. Utah’s current job count stands at 1,664,300.

July’s seasonally-adjusted unemployment rate is estimated at 2.0%, unchanged across the past three months, with approximately 35,300 Utahns unemployed. The July national unemployment rate lowered one-tenth to 3.5%. More...

 By Gwendolyn C De Baca, Regional Economist

What is Inflation and Why is it a Problem?

Inflation has been a hot topic during the past several months. The Federal Reserve increased its benchmark rate by 0.75 points on June 15, 2022, and the members of the Federal Open Market Committee (FOMC) are reportedly considering raising rates again by another 0.75 points in late July. These aggressive moves by the Fed are in response to signs of increasing inflation, most recently from a staggering Labor Department report indicating that prices in June 2022 increased by 9.1% from a year earlier, a level of inflation not seen in 40 years. More...