SALT LAKE CITY (Aug. 18, 2023) — Utah’s nonfarm payroll employment for July 2023 increased an estimated 3.0% across the past 12 months, with the state’s economy adding a cumulative 49,300 jobs since July 2022. Utah’s current job count stands at 1,720,300.

July’s seasonally adjusted unemployment rate is estimated at 2.4%. Approximately 43,800 Utahns are unemployed. Utah’s June unemployment rate is unrevised at 2.4%. The July national unemployment rate moved down one-tenth of a percentage point to 3.5%. More...

By Gwen Kervin, Regional Economist

The baby boom generation, those born between 1946 and 1964, have been a driving factor in the economic prosperity seen in both the United States and Utah for the last five decades. During this time, this generation has been a strong contingent in labor markets. Their exit will be significant. A dearth of youthful labor to replace them is the driving factor behind the current labor market tightness. While various factors could conspire to keep them in the labor force longer, their ultimate departure will affect certain industries more than others and present opportunities to younger workers seeking to enter the workforce or to move up the promotion scale. More...