The state of Utah’s economy continues to grow.
The Utah Department of Workforce Services released the November job report on Friday.
It reveals unemployment is at a record low.
“The story, so to speak, of 2019 is how rapidly this economy is expanding and how rapidly it’s absorbing every bit of labor that it can find,” said Mark Knold, Chief Economist of the Utah Department of Workforce Services.
Over the past 12 months, employers across the state have added 51,600 jobs.
“We’ve had 3.3% of job growth over the last 12 months,” said Knold. “An unemployment rate that’s historically low for Utah at 2.4%. The last and only time we have done that is in early 2007.”
This was right before the Great Recession when the state’s unemployment rate rose to 8%.
“Going into this next year without any significant setbacks from the United States, this is what we anticipate going into 2020,” said Knold.
According to the report, nearly 39,200 Utahns were out of work and actively seeking employment during the month of November.
“The overall health of this kind of job growth is it’s happening all the way from the low paying jobs all the way to the high paying jobs,” said Knold.
Despite the encouraging job growth, are workers getting paid enough? A new study finds nearly half of U.S. workers didn’t see a pay increase this year.
According to a Bankrate study released this week, only 28% received a raise, 12% got a better job and 10% got both.
So, what do you need to know to get the paycheck you deserve?
“From the point of view of a worker is am I getting wage gains that outpace inflation,” shares Knold.
That equates to more earning power.
See the full report here.
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