Utah’s Unemployment Rate Dips Below 4% For First Time Since March
SALT LAKE CITY, Utah – Utah’s unemployment rate in December dropped to 3.6%, which is the first time it has dipped below 4% since March 2020.
According to the monthly jobs report from the Utah Department of Workforce Services, a total of 1,606,000 Utahns were employed last month.
An estimated 60,100 were unemployed, which is approximately 20,000 more than the average before the pandemic.
NOW on @KSL5TV: "We have swung back to the normal position of Utah being an economy that grows.”@JobsUT Chief Economist Mark Knold talks about #Utah becoming the 2nd state in the nation to flip to economic expansion during the #pandemic @kslnewsradio @KSLcom pic.twitter.com/L3ATXnoo9L
— Ladd Egan (@laddegan) January 23, 2021
“In December, Utah became the second state economy to flip from COVID-induced job losses back to economic expansion,” said Mark Knold, chief economist at the DWS. “Entering the economic downturn with balanced economic fundamentals was the key for Utah to have absorbed significant job losses and in nine months reversed them.”
“There is room for additional improvement,” he added, “but the stage is set for an optimistic 2021.”
Nearly 8,000 Utahns entered the workforce last month, according to a statement from the Office of the Governor. The finance, insurance, professional services, retail and wholesale trade and construction industries saw robust gains.
“We have swung back to the normal position of Utah being an economy that grows,” Knold said. “That is not without saying that there are still imperfections within the economy.”
“Utah has consistently been among the top economic performers in the nation and this latest data point again shows our strength and resilience. It’s truly something to celebrate,” Gov. Spencer Cox said. “While the December jobs report is extremely encouraging, we know some sectors continue to struggle. We stand ready to ensure opportunity for all in 2021.”
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