The following statistics are presented comparing Aug. 2019 to Aug. 2021.
Utah’s nonfarm payroll employment for August 2021 increased an estimated 3.8% across the past 24 months, with the state’s economy adding a cumulative 55,700 jobs since August 2019. Utah’s current employment level stands at 1,614,800.
August’s seasonally-adjusted unemployment rate is estimated at 2.6%, with approximately 42,600 Utahns unemployed. Utah’s July unemployment rate is unchanged at 2.6%. The July national unemployment rate continued to lower, settling at 5.2%.
“Utah’s recent three-month employment surge peaked last month” reported Mark Knold, Chief Economist at the Department of Workforce Services. “August’s two-year growth rate of 3.8% is down from July’s 4.2%. This moderation parallels a slight national economic slowing. With the Delta variant ramping up, consumer spending has lessened. It is still robust but pulling back a bit. Such a reaction is not unusual given the variant’s unknowns. The economic slowing however, should not develop into an economy breaker.”
Utah’s August private sector employment recorded a two-year expansion of 4.7%. Six of Utah’s 10 major private-sector industry groups posted net two-year job gains, led by Professional and Business Services (20,200 jobs); Trade, Transportation and Utilities (16,800 jobs); Construction (11,300 jobs); and Manufacturing (8,900 jobs). Four industry groups with less employment than two years ago are Leisure and Hospitality Services (-2,400 jobs); Natural Resources and Mining (-1,100 jobs); Information (-800 jobs), and Other Services (-400 jobs).
Largest private sector gains in past two years:
Professional and Business Services: 20,200 jobs
Trade, Transportation and Utilities: 16,800 jobs
Construction: 11,300 jobs
Manufacturing: 8,900 jobs
Largest private sector losses during the past two years:
Leisure and Hospitality Services: -2,400 jobs
Natural Resources and Mining: -1,100 jobs
Information: -800 jobs
Other Services: -400 jobs
Statistics generated by the U.S. Bureau of Labor Statistics, Washington, D.C., modeled from monthly employer (employment) and household (unemployment) surveys.
Listen to Chief Economist Mark Knold shares his analysis of the August 2021 employment report: