SALT LAKE CITY (ABC4)- Utah’s 2022 March employment summary has once again reinforced the fact we are the nation’s economic leader.
According to the official report, last month, Utah’s nonfarm payroll employment rate increased by 4.0%, adding 62,900 jobs since March of 2021.
As of March 2022, Utah’s unemployment rate stands at 2.0%, compared to 2.1% in February and 2.2% in January of 2022.
“It is another month to sing the praises of the Utah economy,” said Mark Knold, Chief Economist at the Department of Workforce Services. “Job growth across the past year is quite strong at 4.0%. In response, the unemployment rate took another historical notch downward to 2.0%. All industry sectors save one have added new jobs over the past year. The lone exception is the professional and business services sector. That area includes help supply services, telemarking, collection agencies, etc. With unemployment at a rock bottom of 2.0%, excess labor is virtually non-existent, so this industry’s inability to supply the market with idled workers or to attract labor for its own needs is not a surprise.”
Additionally, the report noted that Utah’s March private sector employment recorded a year-over-year expansion of 4.4%.