Utah unemployment numbers remain low

SALT LAKE CITY – Utah’s economy continues to thrive, according to the latest data from the Department of Workforce Services. Nonfarm payroll employment for February 2023 increased by an estimated 2.8% over the past year, with the state adding a total of 46,000 jobs since February 2022. Utah’s current job count stands at 1,701,000.

Utah unemployment numbers for February 2023, as released by the Utah Department of Workforce Services.

The seasonally-adjusted unemployment rate for February is estimated at 2.4%, with approximately 42,300 Utahns out of work. This figure is unchanged from January’s unrevised rate of 2.4%. In contrast, the national unemployment rate rose to 3.6% in February.

“Little has changed between the January and February economic measurements,” said Department of Workforce Services’ Chief Economist Mark Knold. “Year-over job growth is 2.8% for February and 2.9% for January. Both months have an unemployment rate of 2.4%. The economy has been resilient to say the least.

“The Federal Reserve raised interest rates throughout most of last year as a deliberate action designed to slow the economy. Yet job growth remains vibrant in both Utah and the United States, and unemployment is excessively low. Many expect that more economic challenges lie ahead, so the economy’s resiliency will continue to be tested.”

Utah’s private sector employment recorded a year-over-year expansion of 2.9% in February, with a 40,000 job increase. Nine of ten major private-sector industry groups posted net year-over-year job gains, led by leisure and hospitality services, which saw an increase of 9,400 jobs. Education and health services, construction, and professional and business services also showed significant job growth. The only sector with a decrease in employment was financial activities, which saw a loss of 2,200 jobs.

More detailed analysis and tables can be found at https://jobs.utah.gov/wi/update/index.html. County unemployment rates for February will be posted on or shortly after March 27, 2023, at https://jobs.utah.gov/wi/update/une/season.pdf.

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