SALT LAKE CITY (May 19, 2023) — Utah’s nonfarm payroll employment for April 2023 increased an estimated 2.6% across the past 12 months, with the state’s economy adding a cumulative 43,500 jobs since April 2022. Utah’s current job count stands at 1,720,300.
April’s seasonally adjusted unemployment rate is estimated at 2.3%. Approximately 41,300 Utahns are unemployed. Utah’s March unemployment rate is unrevised at 2.4%. The April national unemployment rate moved down one notch to 3.4%.
“Ever so slowly the Utah economy has decelerated every month this year,” said Department of Workforce Services’ Chief Economist Mark Knold. “The year began with over-the-year job growth of 2.9%. Each month since it has reduced by one-tenth of a percentage point, with over-the-year growth now sitting at 2.6%. Nearly all industry sectors continue to make new job contributions to the employment base, and the unemployment rate is rock-bottom low. The slowdown isn’t hurting the economy. It is probably just a slowing in population in-migration that accounts for this gradual job growth moderation. The supply of available labor is slowing.”
Utah’s April private sector employment recorded a year-over-year expansion of 2.6%, or a 36,400 job increase. Nine of ten major private-sector industry groups posted net year-over-year job gains, led by leisure and hospitality services (9,400 jobs), professional/business services (6,800 jobs), education and health services (6,200 jobs), and other services (5,000 jobs). The only sector with an over-the-year employment contraction is financial activities (-1,800 jobs).
Largest private sector gains in the past year:
- Leisure and hospitality services: 9,400 jobs
- Professional/business services: 6,800 jobs
- Education and health services: 6,200 jobs
- Other services: 5,000 jobs
Largest private sector losses in the past year:
- Financial activities: -1,800 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 April 2023 employment report: