SALT LAKE CITY (Dec. 16, 2022) — Utah’s nonfarm payroll employment for November 2022 increased an estimated 2.6% across the past 12 months, with the state’s economy adding a cumulative 43,100 jobs since November 2021. Utah’s current job count stands at 1,688,600.
November’s seasonally-adjusted unemployment rate inched up one-tenth of a percentage point to 2.2%. Approximately 38,200 Utahns are unemployed. The November national unemployment rate is unchanged at 3.7%.
“The Utah economy is settling into some subtle moderation in its economic variables,” reported Mark Knold, Chief Economist at the Department of Workforce Services. “Job growth is not as rapid as it was for most of this year, and the unemployment rate, though still very low, is starting to inch upward. Before it was inching downward; now it is inching upward. This is no cause for concern given how low it is. But an eventual upward movement is a normal and expected action. In economics, when an economy performs so powerfully as the Utah economy has over the past two years, an eventual slowing is destined to emerge.”
Utah’s November private sector employment recorded a year-over-year expansion of 2.6%, or a 39,500 job increase. Seven of ten major private-sector industry groups posted net year-over-year job gains, led by Construction (14,600 jobs); Education and Health Services (9,800 jobs); Trade, Transportation, Utilities (9,400 jobs); and Leisure & Hospitality (8,700 jobs). Other Services recorded no employment change, and two sectors had employment contractions, including Professional/Business Services (-4,100 jobs); and Financial Activities (-3,300 jobs).
Largest private sector gains in the past year:
Construction: 14,600 jobs
Education and Health Services: 9,800 jobs
Trade, Transportation, Utilities: 9,400 jobs
Leisure & Hospitality: 8,700 jobs
Largest private sector losses in the past year:
Professional/Business Services: -4,100 jobs
Financial Activities: -3,300 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 November 2022 employment report: