Utah’s nonfarm payroll employment for August 2020 has contracted by an estimated 1.6% across the past 12 months, with 25,300 fewer jobs. Utah’s current employment level stands at 1,534,000. Utah’s July year-over job change has been revised up from -1.8% to -1.6%.
August’s seasonally-adjusted unemployment rate is estimated at 4.1%, with approximately 66,100 Utahns unemployed. Utah’s July unemployment rate is unchanged at 4.5%. The national unemployment rate for August lowered from July’s 10.2% to 8.4%.
“Utah’s economy continues along its path of improvement,” reported Mark Knold, Chief Economist at the Department of Workforce Services. “The unemployment rate dropped again and remains one of the nation’s lowest. While the overall pace of job re-engagement is unchanged from July, there was an underlying employment improvement in the private sector, which is the Utah economy’s foundational and market-driven component. It speaks to the energy and prospects within the Utah economy.”
Utah’s August private sector employment recorded a year-over decline of -1.6%, an improvement over July’s -2.1% deficit.
Four of 10 private-sector major industry groups posted net job gains in August. These are observed in:
- Construction (8,400 jobs)
- Trade, Transportation and Utilities (5,200 jobs)
- Other Services (1,500 jobs)
- Financial Activities (1,400 jobs)
Six industry groups posted employment declines. These were most impactful in:
- Leisure and Hospitality Services (-26,600 jobs)
- Professional and Business Services (-6,000 jobs)
Yet of the six that show year-over job loss, all are methodically striving to re-employ workers and continue to show job improvements beyond April’s employment low point.
Listen to Chief Economist Mark Knold share his analysis of the August 2020 employment report:
For more information visit our Labor Market Employment Update web pages.