UTAH (ABC4) – Although the U.S. is facing a multitude of obstacles including record inflation and the Great Resignation, Utah’s workforce continues to see growth, adding around 55,000 new jobs over the past 12 months.
The Utah Department of Workforce Services released its employment data for May 2022, tracking job growth throughout various sectors in the state of Utah.
The new report shows nonfarm payroll has increased around 3.5% over the past year, with Utah’s current job count standing at 1,662,300.
The unemployment rate in May 2022 is around 2.0%, with around 34,100 unemployed Utahns. The current U.S. unemployment rate is sitting at 3.6%, according to the Bureau of Labor Statistics.
“Utah’s economic performance continues to push along at a strong pace,” says Mark Knold, Chief Economist at the Utah Department of Workforce Services. “The unemployment rate remains at a historically low level, and job growth is still one of the nation’s best.”
Taking a closer look at growth among individual sectors, Utah’s private sector employment recorded a year-over-year expansion of 3.7% or a 50,100 job increase.
Eight of Utah’s ten major private-sector industry groups posted net year-over-year job gains:
- Trade, Transportation, Utilities — 11,100 jobs
- Leisure & Hospitality — 10,800 jobs
- Construction — 8,100 jobs
- Education and Health Services — 7,500 jobs
Largest private sector losses over the past year:
- Professional and Business Services: -500 jobs
- Financial Activities: -400 jobs
“The job growth rate has been abating as the year has progressed,” says Knold. “This is expected and is a reflection of the current performance compared to a Utah economy that was rapidly improving a year ago. As this year progresses, the more the economy improves from a year ago, the more this year’s job growth will trend downward. We anticipate that by later this year Utah’s job growth rate will be around its yearly average of 3.0%.”