Economic Outlook and Layoff Resources

In the 2023 Economic Report to the Governor prepared by the Utah Economic Council, an uncertain economic environment was identified with three plausible scenarios:

Continuing Growth at 2% to 4%
A Shallow Recession with Growth between -1% to 1%
Decelerating Growth at 0% to 2%

Preparing for Three Plausible Scenarios for 2023. Scenario 1: 2% to 4% Continuing Growth. Scenario 2: -1% to 1% Shallow Recession. Scenario 3: 0% to 2% Decelerating Growth.

The report to the governor emphasizes “significant economic uncertainty” due to “the post-pandemic economy" that “has altered many traditional economic relationships.”

What does this mean for you and your business? Are you prepared for any or every scenario? Predicting economic outlooks or the trajectory of your business is difficult under these circumstances. Regardless, one of the best ways to prepare for any changes to your business starts with knowing your resources.

Infographic: December 2022 Unemployment Rate in Utah is 2.2%. In U.S. the rate is 3.5%. Job growth in Utah is 2.4% and in U.S. is 2.9%. Average weekly initial unemployment insurance claims were 2,042. Initial unemployment insurance claims change was 13.2%.

The Department of Workforce Services has resources to help you maintain and grow your business even in uncertain times, such as:

Economic data to support informed decisions about your workforce that includes:
- Wage data comparisons
- Projected growth by industry
- Quarterly economic performance
- The number of job seekers in your area
Access to tools designed to meet your data needs
Workforce development specialists and economists ready to help you access a menu of employer services through local employment centers
Training, education and career service programs as well as job search tools for job seekers
- Post your jobs with us and you’ll get automatic matches to qualified candidates
Programs and incentives such as bonding, the Work Opportunity Tax Credit and reimbursements for providing opportunities such as On-the-Job Training, Employment Internships and Apprenticeships to eligible employees.

Learn more about the benefits of recruiting through apprenticeship.

Benefits of Rapid Response Services for Employers During Layoffs. Higher productivity and worker morale. Lower unemployment insurance costs. Successful managementof public perception in the community and the media. Decreased likelihood of work disruptions and sabotage. A resource guide for your employees.

The Department of Workforce Services also has the following FREE resources if you are downsizing or closing your business:

Rapid Response Workshops provide immediate aid to companies and affected workers from layoffs. This helps keep unemployment insurance costs low by assisting laid off workers in finding new jobs quickly. Rapid Response services are customized to meet your company's needs and can include information about:
- Unemployment Insurance
- Reemployment services
- Labor market information
- Temporary assistance including health benefits
- A resource guide for affected workers
To schedule a Rapid Response workshop or to submit a Worker Adjustment and Retraining Notification (WARN), contact Tony Granados at (801) 526-4312 or rapidresponse_warn@utah.gov.
For more information about Rapid Response services and WARN compliance, visit the Department of Labor’s website.

The Department of Workforce Services is here to help you through any economic scenario or impacts to your business.