The Utah Job Demand Buffer



By Gwen Kervin

 

Since March of 2022, the Federal Reserve has been raising interest rates in an attempt to cool inflation and slow the economy. However, so far, the effect on Utah’s labor market has been minimal. Constricted labor markets following the COVID pandemic caused employers to have a hard time filling open positions. Because employers struggled to find workers, a large gap developed in unmet labor demand. This elevated wages, which in turn lured marginal workers into the labor force, helping to fill some of the vacancies. While Utah continues to turn in job growth numbers, growth rates have come down from the highs experienced in 2021 and 2022, resulting in a reduction in the unmet labor gap. Because of this, any additional Fed rate moves could have a more immediate influence on the Utah labor market going forward. More...




Utah's Employment Summary: November 2023



SALT LAKE CITY (Dec. 22, 2023) — Utah’s nonfarm payroll employment for November 2023 increased an estimated 2.0% across the past 12 months, with the state’s economy adding a cumulative 34,700 jobs since November 2022. Utah’s current job count stands at 1,744,100.


November’s seasonally adjusted unemployment rate is estimated at 2.8%, a one-tenth of a percentage-point increase over October. Approximately 50,300 Utahns are unemployed. Utah’s October unemployment rate is unrevised at 2.7%. The November national unemployment rate decreased two-tenths of a percentage-point to 3.7%. More...





Growing Apprenticeship Opportunities in Utah




Apprenticeships are a great way to develop a skilled workforce in any industry. They are one of the many pathways that lead to a successful career. Apprenticeships combine on-the-job learning with related classroom instruction. They benefit employers by building a pipeline of high quality and motivated workers trained to the exact skills needed for the job. In Utah there are more than 280 registered apprenticeship programs and more than 4,100 active apprentices. Apprenticeships continue to expand in Utah with opportunities available in automotive, construction, manufacturing, information technology, health care and more. More...