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%.
“This month’s economic data continues to hold strong in the face of national dialogue about inflation and other economic hurdles,” said Mark Knold, Chief Economist at the Department of Workforce Services. “Both the national and Utah jobs data are robust and show that hiring remains strong. The national unemployment rate moved up a little, but when said rates are as low as they currently are, small upward movements are not viewed as a concern. Utah’s rate remained unchanged at 2.0%. This is the fourth straight month that Utah’s unemployment rate has been at 2.0%.”
Utah’s August private sector employment recorded a year-over-year expansion of 3.7%, or a 50,800 job increase. Eight of Utah’s ten major private-sector industry groups posted net year-over-year job gains, led by Trade, Transportation, Utilities (12,200 jobs); Education and Health Services (11,500 jobs); Construction (10,700 jobs); and Leisure and Hospitality (10,200 jobs). The two sectors with job contractions include Financial Activities (-2,500 jobs), and Professional and Business Services (-600 jobs).
Largest private sector gains in the past year:
- Trade, Transportation, Utilities: 12,200 jobs
- Education and Health Services: 11,500 jobs
- Construction: 10,700 jobs
- Leisure and Hospitality: 12,000 jobs
Largest private sector losses in the past year:
- Financial Activities: -2,500 jobs
- Professional and Business Services: -600 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 2022 employment