SALT LAKE CITY (ABC4) — Utah’s unemployment rate dropped a tenth of a percent in April 2023 to 2.3%, meaning around 41,300 Utahns are unemployed, according to the state’s Department of Workforce Services.
DWS Numbers released this morning showed Utah’s total workforce at around 1.72 million workers. Utah’s unemployment rate is beating the national rate of 3.2% and is showing the same amount of growth year-over-year as the national rate.
“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%.”
Knold said nearly all industry sectors across Utah have added jobs, and he called the unemployment rate “rock-bottom low.” Utah, he said, is not being hurt by any slowdown of the national 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,” said Knold.
The only top-10 job sector to lose employment from April 2022 to April 2023 was “financial activities,” which saw an 1,800-job loss. Leisure and hospitality services showed the greatest growth, adding 9,400 jobs.
Unemployment rates for each of Utah’s counties are expected to be released on May 22. May’s unemployment statistics are expected to be released on June 16.
Hear Knold’s analysis of April’s unemployment report on SoundCloud.